I can't travel far from Canvey Island. Please clarify why all Canvey Island conveyancing practitioners are not on all mortgage company panels?
Before the recession most banks displayed an approach to risk which is different from today. The Financial Services Authority in 2010 conducted a thematic review into property fraud which concluded: know the conveyancing practitioners on your panel. Consequently, banks have subsequently looked to extract more data from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the criteria of volume of transactions the lenders insisted on.
My wife and I are nearing an exchange on a house in Canvey Island and my parents have transferred the exchange deposit to my solicitor. I am now advised that as the deposit has been received from someone other than me my property lawyer needs to disclose this to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender regarding my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
The lawyer is obliged to clarify with mortgage company to make sure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.
Having sold my house in Canvey Island last July yet the purchaser is calling daily to say their solicitor is waiting to hear from myconveyancer. What should have happened now that I have sold?
Following your sale your conveyancer is committed to send the transfer deeds and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your conveyancer should also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers solicitors. There is unlikely to be post completion steps peculiar conveyancing in Canvey Island.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Canvey Island?
There are many recorded licenced Conveyancers in Canvey Island and Solicitor practices in Canvey Island who can assist with your conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. They may both also handle other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
My aunt advised me that in buying a property in Canvey Island there may be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
There are anumerous of properties in Canvey Island which have some sort of restriction or requirement of consent to perform external changes. Part of the conveyancing in Canvey Island should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
How can we know in advance if a Canvey Island conveyancing solicitor on the Skipton panel is any good?
When it comes to conveyancing in Canvey Island seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your transaction.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Canvey Island I like with a park and station in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Canvey Island suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.