My wife and I are planning to buy a flat in Groby and Ratby and have appointed a Groby and Ratby conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. The Royal Bank of Scotland have this afternoon contacted us to advise us that they have now hit a problem as our Groby and Ratby lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent 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 solicitor should contact your bank 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 are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Groby and Ratby lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
My grandmother passed away last year and as sole heir and executor I was left the property in Groby and Ratby. The house had a small mortgage left on it of around £8000. I want to transfer the title deeds into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Bank of Ireland will require that you use a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
4 months have gone by since my purchase conveyancing in Groby and Ratby concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 asset 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.
In scouring the world wide web for the words conveyancing in Groby and Ratby it reveals many solicitorsin the area. How do I determine which is the suitable conveyancer for my move?
The best way of finding a suitable conveyancer is through a personal testimonial, so enquire of colleagues and family who have bought a property in Groby and Ratby or the respected estate agent or financial adviser. Costs for conveyancing in Groby and Ratby differ, so it's advisable to obtain a minimum of three quotes from varying types of solicitors. Be sure to secure confirmation that the fees are fixed.
What advice can you give us when it comes to finding a Groby and Ratby conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Groby and Ratby conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Groby and Ratby conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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What are the charges for lease extension conveyancing? If the firm is not ALEP accredited then what is the reason?
Groby and Ratby Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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The prefered form of lease structure is a share of the freehold. In this scenario the leaseholders benefit from being in charge if their destiny and notwithstanding that a managing agent is frequently employed where it is bigger than a house conversion, the managing agent retained by the leaseholders. It is important to be aware whether changing the roof or some other major work is due shortly to be shared between the leaseholders and could well materially impact the level of the maintenance fees or result in a one off payment. Are any of leasehold owners in dispute over their service charge liability?
I am hoping to purchase a repossessed house in Groby and Ratby and the bank selling would like to complete inside a week. Can a conveyancing practitioner complete in this timeframe? Am I best advised to instruct a high street Groby and Ratby firm or an online organisation that professes to complete quickly?
Visit your Groby and Ratby shopping parade. Go in to 3 firms and request to see a conveyancing solicitor for a quote. Set out your needs and try and obtain assurances on time frames. Appoint the one that comes across as most efficient. Make sure to use a conveyancing practitioner on the panel of conveyancers acceptable to your bank.