My husband and I are looking to purchase a flat in Thornbury and are in fact using a Thornbury conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Aldermore have this morning contacted us to advise us that they have now hit a problem as our Thornbury conveyancer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Thornbury solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
IfI was to purchase a straightforward housein Thornbury mortgage fee and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Thornbury?
The only saving you would make on is the Thornbury conveyancing searches. A conveyancing practitioner still be obliged to do everything else - money laundering, communicating with your sellers property lawyer, stamp duty submission, register the ownership etc. A marginal saving might be made by not having to register a mortgage however it won't be meaningful.
The deeds to our home are lost. The conveyancers who did the conveyancing in Thornbury 5 years ago are no longer around. What are my options?
In today’s world there are copies made of almost everything, and your solicitor will be aware precisely where to look for all the appropriate documentation so you may purchase or sell your property without a hitch. Where copies can’t be found, your solicitor can arrange cover in the form of insurance or indemnities against possible claims on your premises.
Over the last few months I have been searching for a flat up to £245,000 and identified one close by in Thornbury I like with amenity areas and transport links nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Thornbury suitable, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
What should I expect to pay for conveyancing in Thornbury?
Almost all Thornbury conveyancing solicitors will charge a fixed fee. Where further work arise during the transaction your solicitor must advise you in writing of such further costs for such work as soon as it becomes foreseeable. Some work on a no sale no cost offering, others will charge a percentage of the agreed fee, depending on the stage at which the matter does not proceed.
We would recommend that you obtain two or three firms to provide you a quotation.