Am I correct in assuming that the fact that my solicitor in Bow Street is not identified on my bank's solicitor panel that there is a problem with the standard of his work?
That would more than likely be a wrong assumption to make. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume 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. Should you be concerned you should simply call the Bow Street conveyancing firm and enquire why they are no longer on the approved list for your bank.
My friend suggested that if I am purchasing in Bow Street I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Bow Street conveyancing searches. It is a large document of more than thirty pages, listing and detailing significant information about Bow Street around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data regarding Bow Street.
four months have elapsed following my purchase conveyancing in Bow Street concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Bow Street differ for newly converted properties?
Most buyers of new build premises in Bow Street approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Bow Street tend to acquire 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 conveyancers 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 used to new build conveyancing in Bow Street or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Bow Street is the location of the property. Is there any advice you can give?
Flying freeholds in Bow Street are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bow Street you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bow Street may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In searching the internet for the phrase cheap conveyancing in Bow Street it shows results of numerous conveyancerslocally. With so much choice what is the best way to find the right conveyancing solicitor for purchase transaction?
The best method of choosing a suitable conveyancer is through a trusted referral, so seek the counsel of friends and family who have acquired a property in Bow Street or the respected estate agent or financial adviser. Charges for conveyancing in Bow Street vary, so it's sensible to obtain at least three fee calculations from different conveyancers. Dont forget to clarify that the fees are fixed.