I am not well enough to travel far from Carmel. Is there a reason why all Carmel solicitors aren't included on all mortgage company panels?

A decade ago most banks displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Consequently, mortgage companies have subsequently looked to extract more data from law firms regarding their processes and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have been 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 were never going to meet the minimum volume of transactions the lenders required.

I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Carmel with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?

There is nothing to stop you using your solicitor, but Virgin Money will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.

3 months have elapsed since my purchase conveyancing in Carmel took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

What advice can you give us when it comes to finding a Carmel conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Carmel conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Carmel conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:

How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Carmel who can give a testimonial?

I bought a garden flat in Carmel, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Carmel with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2089

With just 64 years remaining on your lease we estimate the price of your lease extension to range between £14,300 and £16,400 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

I have been searching for Carmel conveyancing quotes online. Can I be assured that all the Carmel firms that are listed on your site are on the lender conveyancing panel?

The law firms listed on our site have assured us via an online form that they are on the mortgage company panel and agreed to advise us to take down their listing in the event of removal off of the bank panel. To date we have not been informed by either a bank or a member of the public that the data about a specific Carmel conveyancing solicitor being on the mortgage company conveyancing panel is not accurate.