We wanted to use a property lawyer in St Columb for our home move. Our financial adviser has since advised us that our mortgage company Leeds Building Society won't deal with them. Surely this is unfair competition?
Before the recession most lenders had a different appetite for risk. Almost all St Columb conveyancing firms would have been on most lender panels. The FSA in 2010 completed 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 about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum amount of conveyancing. Many St Columb conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. St Columb is one of the numerous locations where the lawyers we recommend are are authorised to act for Leeds Building Society.
Please help - my lawyer advises that breach of easement insurance is necessary on my purchase. What is the level of cover for St Columb conveyancing?
The appropriate level of breach of easement indemnity insurance should be dictated by who who your lender is. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such insurances.
Is it the case that all St Columb CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved solicitors?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of firms.
is it true that all St Columb conveyancing solicitors on the Aldermore conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Aldermore approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be regulated by the CLC.
Various online forums that I have visited warn that are a common reason for obstruction in St Columb house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in St Columb.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £375,000 maisonette in St Columb in nine days. The managing agents has quoted £324 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is the landlord entitled to charge such fees for a flat conveyance in St Columb?
St Columb conveyancing on leasehold maisonettes often requires the buyer’s solicitor sending questions for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty to charge a reasonable charge for responding to questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The administration charge levied by the landlord must be accompanied by a synopsis of rights and obligations in respect of administration fees, without which the invoice is not strictly payable. In reality you have little choice but to pay whatever is requested of you if you want to sell the property.
I purchased a studio flat in St Columb, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in St Columb with an extended lease are worth £171,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2099
With 79 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
There are numerous properties in St Columb on private lanes. My husband and I are buying such a property. Are there any benefits to purchasing a property on a private road?
St Columb conveyancing practices are familiar with conveyancing propertieson unadopted roads. Your lawyer will investigate title to find any rights or liabilities. In many cases there is a residents association that owners pay into for the upkeep of the road. Where there is one, the road should be maintained and look better than publicly maintained.