Can you clarify what the consequences are if my lawyer’s firm is suspended from the Barclays Solicitor panel ahead of completing my conveyancing in Newton Abbot?
First, this is a very rare occurrence. 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.
Is it correct that all Newton Abbot CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing panel?
It is true that some lenders now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
It is not clear whether my lender requires a lease extension. I have telephoned my Newton Abbot bank branch on a couple of occasions and was informed it wasn't an issue and they would lend. My Newton Abbot conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Provided that the lawyer is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Planning on purchasing a apartment in Newton Abbot. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Co-operative conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Newton Abbot conveyancer is on the Co-operative conveyancing panel.
I have been on the look out for a flat up to £245,000 and found one round the corner in Newton Abbot I like with open areas and transport links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Newton Abbot for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan that many years may be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I am a couple of weeks into a residential purchase having been recommend to solicitors by the estate agent to execute conveyancing in Newton Abbot. I am am starting to be frustrated with the level of service. Could you help me find new lawyers?
They would need to be really bad in order to consider changing them. Has your mortgage offer been generated? If so you will need to make them aware of the new contact details and get the mortgage documents are issued to the new lawyers. Your new conveyancer should be on the mortgage company approved list to avoid escalating expenses and frustration. That should be your first question of the new lawyers. The find a solicitor tool will help you find a bank approved solicitor for your home move in Newton Abbot
I am just shy of a 10% deposit on my flat purchase in Newton Abbot , but I still want to proceed. What can I do?
One option is to try and agree a lower deposit. Most sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute