We are purchasing a 1 bedroom flat in Holmrook with a mortgage. We like our Holmrook conveyancer, however the lender advise he's not on their "panel". It appears that we have no option but to select one of the bank panel solicitors or retain our Holmrook solicitor and pay for one of their panel ones to act for them. We consider that this is inequitable; can we not require that the bank use our Holmrook conveyancing practitioner ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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. A further alternative is for your Holmrook conveyancing solicitor to apply to be on the conveyancing panel.
Can conveyancing in Holmrook to be done in less than 10 days?
In the event that the seller is applying a tight deadline to sign contracts we would recommend that your solicitor is familiar with the area as they will benefit local relationships and intelligence. It is possible that they would have handled otherhomes in the same road. Therefore consider using a Holmrook conveyancing lawyer. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Holmrook conveyancing deals are held up or derailed after discovering a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the home move being delayed by almost three weeks. It is believed that this issue affects approximately one hundred thousand home moves annually. Almost all Holmrook conveyancing practices can not act for certain mortgage companies so do check as early as possible.
We wanted to use a conveyancing solicitor in Holmrook for our house move. Our broker informed us that our mortgage company Lloyds TSB Bank won't deal with them. Surely this is unfair competition?
A decade ago most lenders had a different appetite for risk. Almost all Holmrook conveyancing firms would have been on most mortgage company panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Holmrook 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. Holmrook is one of the numerous areas where the lawyers we recommend are are approved Lloyds TSB Bank.
What is the difference between a licensed conveyancer and conveyancing solicitor in Holmrook
There are many registered licenced Conveyancers in Holmrook and Solicitor partnerships in Holmrook to choose from We would stress that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. They may both also handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We previously instructed conveyancers locally in Holmrook on the Principality solicitor panel. They have just billed me a separate charge for dealing with the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your conveyancing practitioner may charge a fee for this. The charge is not set by Principality but by your Holmrook solicitor. Numerous firms on the Principality panel will levy ’dealing with mortgage’ fee and others do not.
I recently had an offer agreed on an apartment in Holmrook. My financial adviser suggested a lawyer. I paid an advanced payment of £200. A few days later, the lawyer contacted me sheepishly admitting that they were not on the Kent Reliance conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Kent Reliance panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been four months following my purchase conveyancing in Holmrook took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 residence 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Holmrook I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Holmrook in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.