Me and my wife are acquiring property in Mountsorrel. My property lawyer is not on the mortgage company solicitor list. Can I still continue with my Mountsorrel conveyancing solicitor notwithstanding that they are excluded from the lender panel of approved conveyancing solicitors?
You have a couple of choices open to you here
- Carry on with your chosen Mountsorrel lawyer but your lender will need to instruct a conveyancer from their approved list. The net result is additional charges and probable frustration.
- Choose a fresh conveyancer to conduct the conveyancing, ensuring that they are on the mortgage company conveyancing panel.
- Convince your conveyancing practitioner to apply to join the bank panel
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Mountsorrel is the location of the property. Can you shed any light on this issue?
Flying freeholds in Mountsorrel are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mountsorrel you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mountsorrel may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have been sourcing a conveyancing lawyer in Mountsorrel for my home move. Is there any facility to see a solicitor's complaints history with the profession’s regulator?
Members of the public may search for presented Solicitor Regulator Association (SRA) decisions arising from inquisitions started on or after 1 January 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.
I am hoping to complete next month on a leasehold property in Mountsorrel. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Mountsorrel should include some of the following:
What options are available to the landlord where you breach a clause of your lease? Ground rent - what is payable and when is collected, and be on notice if this is subject to change Repair and maintenance of the flat The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Are pets allowed in the flat?
I purchased a studio flat in Mountsorrel, conveyancing was carried out July 2009. Can you work out an approximate cost of a lease extension? Similar flats in Mountsorrel with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease expires on 21st October 2088
With just 69 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
My son is about to join the property ladder, he had his mortgage in principle. When the offer was accepted on flat we rang the lender to go forward with his. We were very surprised to hear that mortgage companies do not accept all lawyer, they must be on their panel, is this correct?
Banks tend to 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 lenders have no responsibility for the quality of advice provided by any Mountsorrel solicitor 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? Unlikely.