Am I correct in assuming that the fact that my solicitor in Cornwall is not identified on my mortgage company's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Cornwall conveyancing practice and enquire why they are no longer on the approved list for your lender.
Having sold my house in Cornwall last August but my buyer keeps texting me to moan that her solicitor is waiting to hear from mine. What should my lawyer have done now that I have sold?
After completion of your house sale your solicitor is committed to deliver the transfer documentation and all additional paperwork to the buyer’s lawyers. Where relevant, your lawyer must also confirm that the mortgage has been redeemed to the purchasers solicitors. There are no post completion procedures just for conveyancing in Cornwall.
The Cornwall conveyancing solicitors that I recently instructed on my purchase in Cornwall have without warning closed. I only went with them because I needed a lawyer on the conveyancing panel and my preferred Cornwall lawyer was not. I issued them a cheque for two hundred pounds in advance. What should be my next steps?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to assist.
Should our solicitor be asking questions about flooding during the conveyancing in Cornwall.
Flooding is a growing risk for lawyers dealing with homes in Cornwall. Plenty of people will buy a house in Cornwall, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that may be carried out by the purchaser or by their lawyers which should figure out the risks in Cornwall. The standard completed inquiry forms sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the vendor to determine if the premises has ever been flooded. If flooding has previously occurred which is not notified by the owner, then a buyer could commence a claim for damages as a result of such an incorrect reply. The buyer’s solicitors will also carry out an environmental search. This should higlight if there is a recorded flood risk. If so, further investigations should be initiated.
I am in need of some leasehold conveyancing in Cornwall. Before I set the wheels in motion I require certainty as to the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Cornwall - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I invested in buying a studio flat in Cornwall, conveyancing formalities finalised in 1995. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Cornwall with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 50
With only 50 years unexpired the likely cost is going to span between £36,100 and £41,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.