Am I correct in assuming that the fact that my conveyancer in Kinver is not identified on my bank's conveyancing panel that there is a problem with the standard of his conveyancing?
That would most likely be a wrong assumption to make. There are plenty of 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 solicitor 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 Kinver conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
My lawyer has identified a a problem with the lease for the flat we are buying in Kinver. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Do I have to pop into the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Kinver so that I can attend their offices if necessary.
Whereas this was necessary 12 years ago, most mortgage companies no longer oblige their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide identification documents and there are still distinct advantages to choosing a local practitioner, in your situation a conveyancing solicitor in Kinver.
I have justfound out that Stirling Law have been shut down. They conducted my conveyancing in Kinver for a purchase of a leasehold apartment 9 months ago. How can I be sure that my home is not still registered in the name of the previous owner?
The easiest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Kinver conveyancing specialists.
I've recently bought a leasehold flat in Kinver. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a 1 bedroom flat in Kinver, conveyancing was carried out December 2009. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Kinver with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2079
With 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously 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.