I can't travel far from Woodside. I would like to know the logic why all Woodside conveyancers aren't included on all lender panels?
Before the recession most mortgage companies displayed an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into fraud which concluded: know the conveyancers on your panel. Accordingly, mortgage companies have since requiredmore information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Thousands of firms have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the mortgage companies set.
I am about to exchange buying a house in Woodside but as a result of wreckage from the recent storms I have was able negotiate compensation from the owner in the sum of £2k by way of a reduction in the price. This was going to be dealt with as part of a side agreement however Co-operative will not permit this. Why were they informed?
The property lawyer being on the Co-operative conveyancing panel is required to disclose to Co-operative of any amendments to the sale price. If you prohibit your conveyancer to report the price change to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new property lawyer for your conveyancing in Woodside.
Is it the case that all Woodside solicitors on the Bank of Ireland conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be overseen by the SRA. Many lenders do list licenced conveyancers on their panel and in that case the firms would be governed by the CLC.
I have decided to exercise my right to buy my property in Woodside off the council. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Aldermore. Is it usual for Aldermore to only issue the offer once my solicitor in Woodside is approved on their conveyancing panel? Aldermore have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Aldermore to deal with your lawyer's application to be on the Aldermore conveyancing panel. There's no guarantee that your solicitor will be accepted.
Just acquired a detached house in Woodside , how long should it take for the Land Registry to record my proprietorship? My Woodside conveyancing solicitor has been very slow, so I want to check the land registry aspects are addressed.
There is nothing unique about conveyancing in Woodside registration formalities. Rather than based on location, timeframes can adjust subject to who lodges the application, whether there are errors and whether the Land registry must send notices to any third persons or bodies. Currently roughly three quarters of submission are completed within two weeks but occasionally there can be protracted delays. Registration occurs once the new owner is living at the premises thus 'speed' is not usually primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Woodside I like with amenity areas and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Woodside suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.