I can't travel far from Thetford. What is the rationale as to why all Thetford conveyancing practitioners aren't automatically on all mortgage company panels?
Pre- 2008 most banks exhibited an approach to risk which is different than today. The financial regulator in 2010 conducted a thematic review into property fraud which concluded: know the property lawyers on your panel. Consequently, mortgage companies have subsequently requiredmore information from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Hundreds of firms have found themselves removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible satisfy the minimum amount of transactions the mortgage companies set.
I am hoping to move into my new home in Thetford next Friday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not specific to conveyancing in Thetford.
I own a freehold property in Thetford yet charged rent, why is this and what is this?
It’s unusual for properties in Thetford and has limited impact for conveyancing in Thetford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Should I go with a Thetford conveyancing solicitor based in the area that I am buying? An old friend can execute the conveyancing however they are based 300miles away.
The primary upside of using a high street Thetford conveyancing firm is that you can visit the firm to execute paperwork, present your identification documents and apply pressure on them where appropriate. Having local Thetford know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were impressed that should outweigh using an unknown Thetford conveyancing solicitor just because they are local.
Can you offer any advice when it comes to appointing a Thetford conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Thetford conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Thetford conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
What are the legal fees for lease extension conveyancing? If they are not ALEP accredited then what is the reason?
Thetford Leasehold Conveyancing - Sample of Queries before buying
Is anyone aware of any major works on the horizon that will likely add a premium to the service fees? Be sure to discover if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in in a block in Thetford. If you love the apartmentin Thetford however your cat can’t live with you then you will be presented with a difficult compromise. Is there a share of the freehold?