We wanted to use a conveyancing solicitor in Umberleigh for our home move. Our broker informed us that our mortgage lenders Lloyds TSB Bank won't deal with them. Surely this is unfair competition?
Banks in the main restrict either the category or the number of conveyancing firms on their approved list of lawyers. A common example of such criteria being that a firm must have two or more partners. In addition to restricting the profile of firm, a few lenders have decided to limit the amount of solicitor practices they permit to act for them. Be aware that Lloyds TSB Bank have no responsibility for the quality of advice provided by any member of Lloyds TSB Bank Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels since 2008 even though there remains mixed opinions concerning the level of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms, including some in or near Umberleigh only conduct a couple conveyances a year.
How does conveyancing in Umberleigh differ for newly converted properties?
Most buyers of new build premises in Umberleigh approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Umberleigh tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Umberleigh or who has acted in the same development.
I have been sourcing a conveyancing solicitor in Umberleigh for my home move. Can I check a solicitor's complaints history with the legal regulator?
Anyone can find documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
I am attracted to a couple of maisonettes in Umberleigh which have in the region of 50 years left on the lease term. Will this present a problem?
There are plenty of short leases in Umberleigh. The lease is a right to use the property for a prescribed time frame. As a lease gets shorter the marketability of the lease reduces and it becomes more expensive to extend the lease. This is why it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this area.
I inherited a basement flat in Umberleigh, conveyancing having been completed July 2008. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Umberleigh with over 90 years remaining are worth £176,000. The ground rent is £50 levied per year. The lease ends on 21st October 2074
With 50 years unexpired the likely cost is going to span between £31,400 and £36,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the mortgage company conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.