Am I correct in assuming that the fact that my conveyancer in Penkridge is not identified on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume 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 Penkridge conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
It is is a decade since I purchased my house in Penkridge. Conveyancing lawyers have just been retained on the sale but I am unable to track down my title documents. Is this a problem?
Don’t worry too much. First the deeds may be with your mortgage company or they could be archived with the lawyers who oversaw your purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Penkridge relates to registered property but in the unlikely event that your home is not registered it is more problematic but is resolvable.
How does conveyancing in Penkridge differ for newly converted properties?
Most buyers of new build premises in Penkridge come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Penkridge usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Penkridge or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Penkridge I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Penkridge for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Is it best to instruct a Penkridge conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can execute the legal work however her office is a couple of hundredkilometers away.
The primary upside of using a high street Penkridge conveyancing practice is that you can attend the office to sign documents, deliver your identification documents and apply pressure on them where appropriate. Having local Penkridge know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and on the whole were content that must outweigh using an unknown Penkridge conveyancing lawyer just because they are based in the area.