My partner and I are planning to buy a home in Worsley and have appointed a Worsley conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Platform Home Loans Ltd have this afternoon contacted us to inform me that there is now an issue as our Worsley lawyer is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is standard for the purchasers' lawyers to also act for 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 lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Worsley solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I had intended to instruct a conveyancing solicitor in Worsley for our home move. Our broker informed us that our bank Santander won't deal with them. Surely this is unfair competition?
Before the recession most lenders had an appetite for risk which was higher than today. Almost all Worsley conveyancing firms would have been on most bank panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them and set certain criteria such a completing on a minimum number of conveyancing. Many Worsley conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Worsley is amongst the hundreds of locations where the conveyancers we recommend are are approved Santander.
I have todayfound out that Arc property Solicitors have closed. They conducted my conveyancing in Worsley for a purchase of a leasehold flat 18 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Worsley conveyancing specialists.
I need to instruct a conveyancing lawyer in Worsley for my home move. Is it possible to check a firm’s complaints history with the legal regulator?
Members of the public can find documented Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For non-uk callers, dial +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training purposes.
What are your top tips when it comes to choosing a Worsley conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Worsley conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Worsley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be of use:
Can they put you in touch with clients in Worsley who can give a testimonial? What are the legal fees for lease extension conveyancing?
I purchased a ground floor flat in Worsley, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Worsley with an extended lease are worth £211,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2086
You have 67 years unexpired we estimate the premium for your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.