I can't travel far from Thornaby. What is the rationale as to why all Thornaby property lawyers are not on all bank panels?

Mortgage companies highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in lenders pruning less reputable firms from their panel of approved lawyers .

What does my ID and proof of funds have anything to do with my conveyancing in Thornaby? Is this really necessary?

It is indeed that case that these requests have nothing to do with conveyancing in Thornaby. However these days you can not proceed with any conveyancing process without first supplying evidence of your identity. This usually takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it must be both the paper section as well as the photo card part, one is not sufficient in the absence of the other.

Evidence of the origin of money is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor will need to have this information on record. Your Thornaby conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they will also ask additional questions concerning the origin of funds.

I had intended to instruct a property lawyer in Thornaby for our house move. Our financial adviser has since advised us that our bank Coventry Building Society won't deal with them. Why is this not regarded as unduly restrictive?

A bank can require an approved solicitor act for it. You would be liable to meet the cost of this. Try using our tool to get a quote from a solicitor to carry conveyancing in Thornaby on the Coventry Building Society approved list of solicitors.

Due to the input of my in-laws I had a survey completed on a property in Thornaby before instructing conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some banks tend not grant a loan on a flying freehold property.

It varies from the lender to lender. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Thornaby. Conveyancing may be slightly more expensive based on your lender's requirements.

I am tempted by the attractive purchase price for a couple of maisonettes in Thornaby both have about fifty years unexpired on the leases. should I be concerned?

A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease shortens the value of the lease decreases and results in it becoming more expensive to extend the lease. This is why it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this arena.

Thornaby Leasehold Conveyancing - A selection of Queries before buying

It would be sensible to investigate if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Thornaby. If you love the apartmentin Thornaby however your dog is not allowed to move with you then you will be faced hard determination. Most Thornaby leasehold properties will be liable to pay a service charge for maintenance of the block set on behalf of the freeholder. Should you acquire the property you will have to pay this charge, usually periodically accross the year. This can be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay annual, this is usually not a significant sum, say around £50-£100 but you need to enquire it because occasionally it can be many hundreds of pounds. How much is the ground rent and service charge?