Am I correct in assuming that the fact that my solicitor in Wombourne is not identified on my bank's solicitor panel that there is a problem with the quality of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Wombourne conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
What does my ID and proof of funds have anything to do with my conveyancing in Wombourne? Is this really warranted?
To satisfy the Money Laundering Regulations any Wombourne conveyancing firm will require proof of identity in all conveyancing matters. This is normally dealt with by provision of a passport and an original bank statement or utility bill evidencing your correct address.
In accordance with Money Laundering Regulations, conveyancers are required to validate not only the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to inform the appropriate authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
Do I need to be wary about estate agents that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Wombourne conveyancing company?
As is the case with many professional services, often referrals from family and friends can be extremely useful or valuable. Nevertheless there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your own lawyer. However, bear in mind that some lenders specify a panel list of conveyancers you must use for the lender related work in your transaction.
In sourcing the internet for the words conveyancing in Wombourne it brings up numerous solicitorsin the area. With so much choice what is the best way to find the right solicitor for my move?
The best way of finding a suitable conveyancer is via personal referral, so seek the guidance of friends and relatives who have purchased a property in Wombourne or a respected estate agent or financial adviser. Charges for conveyancing in Wombourne differ, so it's sensible to secure at least four quotes from varying types of law firms. Make sure that you clarify what costs in the quote includes.
Last March I purchased a leasehold house in Wombourne. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a 1 bedroom flat in Wombourne, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Wombourne with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease finishes on 21st October 2079
You have 54 years left to run the likely cost is going to be between £32,300 and £37,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.