We wanted to use a property lawyer in Four Oaks for our house purchase. Our broker informed us that our mortgage lenders Halifax won't deal with them. Surely this is unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Four Oaks conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum volume of conveyancing. Many Four Oaks conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Four Oaks is amongst the numerous areas where the solicitors showing on our search results are on the panel for Halifax.
Is it correct that all Four Oaks CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
A selection of lenders now use CQS as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
The formalities of my purchase has taken place for my property in Four Oaks. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
About to purchase flat in Four Oaks. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Virgin Money 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 Four Oaks solicitor is on the Virgin Money conveyancing panel.
four months have gone by since my purchase conveyancing in Four Oaks concluded. 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.
Due to complete next month on a basement flat in Four Oaks. Conveyancing solicitors assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Four Oaks should include some of the following:
Changes to the premises Responsibility for repairing the window frames You need to be informed what is to be regarded as a Nuisance in the lease What options are available to the landlord where you breach a clause of your lease? Whether your lease has a provision for a slush fund?
I am the registered owner of a leasehold flat in Four Oaks, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Four Oaks with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease terminates on 21st October 2090
With just 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.
Why do I have to send my property lawyer with a list of items of ID ahead of starting my conveyancing in Four Oaks?
Four Oaks solicitors are required by the Law Society, Solicitors Regulation Authority, HM Land Registry and current AML legislation to record that the have checked the identity of their clients. It will also be a condition of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, national insurance number and date of birth.