Is the fact that my solicitor in Redcar and Cleveland is not on my mortgage company's solicitor panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated 76% 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 lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Redcar and Cleveland conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
My wife and I are purchasing a new build duplex in Redcar and Cleveland and my lawyer is advising me that she has to the bank to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Redcar and Cleveland I like with a park and station in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Redcar and Cleveland suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
Do I need to be suspicious that 3rd parties that I am dealing with are recommending a nationwide conveyancing firm rather than a local Redcar and Cleveland conveyancing practice?
As with lots of service providers, often referrals from connections can be extremely useful or valuable. Nevertheless there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and lenders might all suggest solicitors to instruct. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the recommendation. You are free to choose your preferred conveyancer. However, bear in mind that the majority of mortgage providers have an approved list of law firms you must use for the mortgage aspect of your conveyancing.
I need to retain a conveyancing solicitor for leasehold conveyancing in Redcar and Cleveland. I've stumble across a web site which looks to be the ideal solution If there is a chance to get all the legals completed via phone that would be preferable. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?