We are buying a 2 bedroom flat in Kinver with a mortgage. We have a Kinver solicitor, however the bank advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or keep our Kinver solicitor and pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Kinver conveyancing lawyer to apply to be on the conveyancing panel.
It is is a decade since I acquired my home in Kinver. Conveyancing lawyers have just been retained on the sale but I can't locate the deeds. Is this a major issue?
Don’t worry too much. Firstly there is a possibility that the deeds will be retained by your mortgage company or they may be in the possession of the lawyers who oversaw your purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Kinver relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is resolvable.
Can you clarify what the consequences are if my solicitor is suspended from the Skipton Solicitor panel ahead of completing my conveyancing in Kinver?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Kinver I like with a park and railway links nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Kinver for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I have today had an offer accepted on an apartment in Kinver and the broker that we are dealing with recommended his conveyancing practitioner. She quoted a thousand pounds including VAT and 3rd party costs. Does this sound reasonable?
Don't just go on a single quote. One should obtain like-for-like quotes for your conveyancing in Kinver. Then pick one that you are comfortable with and just as important, is on the approved list of the mortgage company that you are sourcing your mortgage from.