I can't travel far from Saltash. Is there a reason why all Saltash solicitors aren't automatically on all lender panels?
Before the recession most banks exhibited an approach to risk which is different from today. The Financial Services Authority in 2010 carried out a thematic review into fraud which concluded: know the property lawyers on your panel. Accordingly, banks have subsequently looked to extract more information from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum amount of transactions the mortgage companies set.
Is there a search tool that I can utilise to discover of the solicitor conducting my conveyancing in Saltash is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Nationwide Building Society thus paying £175.00 in supplemental conveyancing costs.
Please do take advantage of the search tool on this web page. Please choose the lender and type ‘Saltash’ or your preferred area and you will be presented with numerous solicitors offices in Saltash or nearest you.
It has been four months since my purchase conveyancing in Saltash completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one close by in Saltash I like with open areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Saltash in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a mortgage the shortness of the lease will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could 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 with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Is it best to instruct a Saltash conveyancing practitioner based in the vicinity that I am purchasing? I have an old university friend who can deal with the legal formalities but his firm is located a couple of hundredkilometers away.
The primary upside of using a local Saltash conveyancing practice is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them if necessary. Having local Saltash know how is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and on the whole were impressed that must outweigh using an unknown Saltash conveyancing solicitor solely due to them being local.