Is the fact that my conveyancer in Rumney is not on my mortgage company's solicitor panel that there is a problem with the standard of the firm’s conveyancing?
That is more than likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack 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. Should you be concerned you should contact the Rumney conveyancing firm and ask them why they are no longer on the approved list for your lender.
We wanted to use a property lawyer in Rumney for our home move. Our broker informed us that our mortgage lenders Nottingham Building Society won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had an appetite for risk which was higher than today. Almost all Rumney conveyancing firms would have been on most bank panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of transactions. Many Rumney conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Rumney is amongst the numerous areas where the lawyers showing on our search results are are approved Nottingham Building Society.
A friend recommended that if I am buying in Rumney I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is occasionally quoted for as part of the standard Rumney conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Rumney around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Rumney Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Rumney.
How does conveyancing in Rumney differ for new build properties?
Most buyers of new build or newly converted property in Rumney approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Rumney usually acquire the site, 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 conveyancers 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 used to new build conveyancing in Rumney or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and found one close by in Rumney I like with open areas and railway links nearby, however it's only got 49 remaining years left on the lease. There is not much else in Rumney for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the expected 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 ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.