Is the fact that my conveyancer in Goole is not on my bank's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
That is more than likely a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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. Should you be concerned you should contact the Goole conveyancing firm and ask them why they are no longer on the approved list for your lender.
My husband and I swapping mortgage lender for our apartment in Goole with Virgin Money. We have a son approaching twenty who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the property is repossessed. I have a couple of questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we remortgaged 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Virgin Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather instruct a Goole based conveyancing firm?
Do check but the the probability is that appoint one of their panel conveyancers where you accept the "fee-free" offer. Call the mortgage company and determine if they offer you a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor in Goole.
How does conveyancing in Goole differ for newly converted properties?
Most buyers of new build residence in Goole contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Goole tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Goole or who has acted in the same development.
What advice can you give us when it comes to finding a Goole conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Goole conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Goole conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
What are the legal fees for lease extension conveyancing? How many lease extensions has the firm completed in Goole in the last twenty four months?
I am the registered owner of a basement flat in Goole, conveyancing having been completed in 2009. How much will my lease extension cost? Corresponding flats in Goole with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2079
You have 58 years unexpired we estimate the price of your lease extension to span between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above 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. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered 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 without first seeking the advice of a professional.