I can't travel far from City Of London. What is the rationale as to why all City Of London solicitors are not on all lender panels?
Before the recession most banks displayed an attitude to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. Consequently, lenders have since soughtmore information from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Many law practices have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the criteria of amount of transactions the mortgage companies insisted on.
My fiancee and I are in the process of looking at houses in City Of London and I am now considering a potential offer. Is it premature to have a solicitor in place? I intend to finance via a mortgage with Virgin Money.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are getting a mortgage with Virgin Money, ask your prospective lawyers if they are on the Virgin Money conveyancing panel otherwise they can't do the mortgage legal work.
I am due to exchange contracts on my apartment. I had a double glazing fitted in October 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Virgin Money are being problematic. The City Of London solicitor who is on the Virgin Money conveyancing panel is saying indemnity insurance will be fine but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Intending to buy a maisonette in City Of London. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the City Of London lawyer is on the Kent Reliance conveyancing panel.
Hoping to buy a property located in City Of London and I am already nervous. I couldn't find anything specific about City Of London. Conveyancing will be needed in due course but do you know about the City Of London area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at City Of London. In the meantime here are some basic statistics that we found
I am looking for a conveyancing solicitor in City Of London for my home move. Can I check a solicitor's record with the profession’s regulator?
You can search for published Solicitor Regulator Association (SRA) decisions arising from investigations started on or after 1 January 2008. Go to Check a solicitor's record. To find details Pre 2008, or to check a firm's history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The SRA could monitor telephone calls for training reasons.
I’m about to sell my 2 bed apartment in City Of London. Conveyancing has not commenced, but I have recently received a half-yearly maintenance charge invoice – Do I pay up?
It best that you discharge the invoice as usual given that all ground rent and maintenance payments will be apportioned on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a 1 bedroom flat in City Of London, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in City Of London with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease ceases on 21st October 2079
With 61 years unexpired the likely cost is going to be between £18,100 and £20,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.