I am not well enough to travel far from Colyton. What is the rationale as to why all Colyton conveyancers aren't included on all mortgage company panels?
Before the recession most banks had an attitude to risk which is different than today. The Financial Services Authority in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. Consequently, mortgage companies have subsequently soughtmore information from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum amount of transactions. Many law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum volume of transactions the mortgage companies required.
Should commercial conveyancing searches disclose proposed roadworks that could impact a commercial land in Colyton?
Its becoming the norm that commercial conveyancing solicitors in Colyton will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Colyton. The report provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Colyton.
For each commercial conveyancing transaction in Colyton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can cause delays to Colyton commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Colyton.
I was recommended by a number of property agents in Colyton to select a property lawyer on your site. Is there a financial incentive for Estate Agents to market your lawyers ahead of another?
We refuse to give any referral fee for directing people our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I am 18 days into a residential purchase having been directed to a firm by the high street agent to carry out the conveyancing in Colyton. I am am starting to be dissatisfied with the level of service. Can you help me find new lawyers?
They would have to be really bad to suggest changing them. Has your mortgage been sent? In the event that it has you must make them aware of the new conveyancer and get the loan are issued to the new lawyers. The conveyancer should be on the banks panel to avoid escalating fees and frustration. So that should be your first question of the new solicitors. The find a solicitor tool can assist you in finding a lender approved lawyer for your conveyancing in Colyton
We are midway through buying a house in Colyton. Conveyancing solicitor has called to say the property is "Leasehold". Should this impact the salability of the house?
Colyton conveyancing does not usually involve leasehold houses. The crucial consideration here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's essentially freehold, so it’s unlikely to affect the value significantly.
At the other end of the spectrum, if it's, say, fifty five years it is bound to have a significant effect on the saleability, and most likely wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be specified in the lease provided to your property lawyer.