My wife and I have recently appointed a conveyancing solicitor in Hook Norton. I need to find out whether they are accepted on the Leeds Building Society approved list of lawyers. Can you assist?
The first thing you should do is contact your lawyer and enquire if they can act for the bank. Otherwise please call Leeds Building Society who may be able to assist.
My wife and I are purchasing a apartment in Hook Norton. It might be a silly question but how we can trust a solicitor? At some point we have to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I can not fathom if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Hook Norton bank branch on numerous occasions and was told they are content with the situation and they will lend. My Hook Norton conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
As long as the solicitor is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Hook Norton solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Hook Norton surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Given that I am about to spend 450k on a garden flat in Hook Norton I wish to have a conversation with the conveyancer about myconveyancing prior to instructing the firm. Can this be arranged?
This is something that we encourage - it is our preference to talk to you we do not take any clients on without you liaising with the conveyancer due to be carrying out your property ownership legalities in Hook Norton.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are provided with for your conveyancing in Hook Norton should be the figure that you are charged.
What advice can you give us when it comes to choosing a Hook Norton conveyancing firm to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Hook Norton conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Hook Norton conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
What are the charges for lease extension work? If they are not ALEP accredited then what is the reason?
Leasehold Conveyancing in Hook Norton - Examples of Questions you should ask Prior to Purchasing
What is the yearly maintenance fee and ground rent? If a Hook Norton lease has no more than eighty years it will affect the salability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably need a lease extension sooner rather than later and it is worth finding out what this will be. For most Hook Nortonlease extensions you would be be obliged to have been the owner of the residence for 24 months before you are eligible to carry out a lease extension. The answer will be helpful as a) areas could result in problems in the building as the communal areas may begin to deteriorate where services are not paid for b) if the tenants have a dispute with the managing agents you will wish to have all the details
My son is just in the process of moving house, he had his mortgage in principle. After the offer was accepted on house we rang the lender to issue the formal offer. We were very surprised to hear that mortgage lenders do not accept all lawyer, they need to be on their approved list, is this legal?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Hook Norton conveyancer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.