Unfortunately I am unable to travel far from Drakes Cross. Is there a reason why all Drakes Cross solicitors aren't automatically on all mortgage company panels?
A decade ago most banks exhibited an approach to risk which is different than today. The Financial Services Authority in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. Consequently, mortgage companies have since requiredmore information from law firms concerning their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have been removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum volume of transactions the lenders insisted on.
We see that you have a search directory listing law firms on the Santander conveyancing panel. Do companies pay you a referral fee if I appoint them for our own conveyancing in Drakes Cross?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Drakes Cross.
My property lawyer in Drakes Cross is not on the HSBC Bank Conveyancing Panel. Can I still retain my family solicitor even though they are not on the HSBC Bank approved list?
Your options are as follows:
- Complete the purchase with your preferred Drakes Cross solicitors but HSBC Bank will need to retain a lawyer on their list of acceptable firms. This will result in additional overall conveyancing fees and result in frustration.
- Get an alternative practitioner to to deal with the purchase, obviously checking they are on the HSBC Bank panel
I used Arc property Solicitors several years past for my conveyancing in Drakes Cross. I now require my papers but the law firm has closed. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Drakes Cross of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am 14 days into a freehold purchase having been directed to solicitors by the local agent to do our conveyancing in Drakes Cross. I am not happy. Could you you assist me in finding new solicitors?
They would need to be very bad in order to consider replacing them. Has the loan offer been issued? If so you must make them aware of the replacement lawyer and get the offer are re-sent. Your conveyancer needs to be on the lenders approved list to avoid supplemental fees and delays. That should be your starting point. Our find a solicitor tool should help you find a lender approved conveyancer for your home move in Drakes Cross
What makes a Drakes Cross lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Drakes Cross. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain elements of the property
You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Nationwide Building Society, Barnsley Building Society, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to withdraw.
I bought a studio flat in Drakes Cross, conveyancing was carried out 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Drakes Cross with an extended lease are worth £195,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
With 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 plus legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.