My husband and I are planning to acquire a home in Dorchester On Thames and have appointed a Dorchester On Thames conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Ireland have this morning contacted us to advise us that there is now an issue as our Dorchester On Thames lawyer is not on their approved list of lawyers. Please explain?
Where you are buying a property needing a mortgage it is normal 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 Quality 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 solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Dorchester On Thames solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
My husband and I are buying a purpose built flat in Dorchester On Thames with a residential mortgage from The Mortgage Works.We use our Dorchester On Thames conveyancing practitioner but The Mortgage Works advised that his firm is not on their approved list of firms. It seems we have no choice but to instruct a The Mortgage Works panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; is there anything we can do?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, one of which will be that conveyancers must be on the The Mortgage Works approved list. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for The Mortgage Works
This question may be naive but I am unexperienced as a first time purchaser of a garden flat in Dorchester On Thames. Do I receive the keys to the house on completion from my lawyer? If this is the case, I will appoint a High Street conveyancing solicitor in Dorchester On Thames?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the owner’s conveyancers, and once they have received this, you should be invited to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
We had instructed solicitors based in Dorchester On Thames on the RBS solicitor approved list. They have just billed me a supplemental fee for handling the RBS mortgage. Is this a supplemental conveyancing fee specified by RBS?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancer is entitled to charge a fee for this. This fee is not set by RBS but by your Dorchester On Thames conveyancer. Plenty of firms on the RBS panel will levy ’dealing with mortgage’ fee and others do not.
The formalities of my remortgage has taken place for my property in Dorchester On Thames. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
What will a local search reveal about the house we're purchasing in Dorchester On Thames?
Dorchester On Thames conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search is essential in every Dorchester On Thames conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I am on look out for some leasehold conveyancing in Dorchester On Thames. Before I set the wheels in motion I want to be sure as to the remaining lease term.
If the lease is registered - and 99.9% are in Dorchester On Thames - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I bought a basement flat in Dorchester On Thames, conveyancing formalities finalised May 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Dorchester On Thames with an extended lease are worth £227,000. The ground rent is £50 invoiced annually. The lease comes to an end on 21st October 2097
You have 72 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Having used your search tool I can't find the lawyer I was hoping to instruct as being on the mortgage company conveyancing panel. My lawyer has said that they are on the lender 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 lender 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 mortgage company solicitor panel.