Can you clarify what the consequences are if my lawyer’s firm is removed from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Oldbury?
The first thing to point out is that, 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 for a fee.
We are purchasing a property in Oldbury. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit money into their account. What is the protection we have from them run away with our deposit?
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 have been told by my lawyer that restrictive coveneant insurance is required on my purchase. What is the level of cover for Oldbury conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Barclays and Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.
Is it the case that all Oldbury solicitors on the Nationwide conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Nationwide conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
I have been on the look out for a flat up to £245,000 and identified one round the corner in Oldbury I like with a park and railway links nearby, the downside is that it only has 51 years on the lease. There is not much else in Oldbury suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan that many years will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Hoping to buy a property located in Oldbury and I am already nervous. I couldn't find anything specific about Oldbury. Conveyancing will be needed in due course but do you know about the Oldbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Oldbury. In the meantime here are some basic statistics that we found
I need to find a bank panel solicitor in Oldbury. Could you help me?
It is not clear why you need a Oldbury panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Oldbury are on their panel . If you do find such a firm in Oldbury not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site