Unfortunately I am unable to travel far from Ironbridge. Is there a reason why all Ironbridge lawyers are not on all bank panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It led to lenders purging less reputable firms off their official list of approved solicitors .
Can you clarify what the consequences are if my solicitor is suspended from the TSB Solicitor panel ahead of completing my conveyancing in Ironbridge?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
We are buying a apartment in Ironbridge. I might seem paranoid but how we can trust a lawyer? On completion day we will need to deposit our life savings into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Are all Ironbridge Conveyancing Quality Solicitors on the Lloyds conveyancing panel?
It is true that some lenders now utilise CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
I recently had an offer accepted on an apartment in Ironbridge. My mortgage broker recommended their conveyancers. I paid an upfront payment of £175. A few days later, the conveyancing practitioner called me to say that they were not on the RBS 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 RBS 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.
The deeds to my property are lost. The solicitors who conducted the conveyancing in Ironbridge 4 years ago have long since closed. Will I be able to sell the house?
These day there are duplicates made of almost everything, and your conveyancer will be aware exactly where to look for all the relevant paperwork so you can purchase or sell your property without a hitch. If copies are not available, your solicitor may be able to arrange cover in the form of insurance or indemnities against future claims on your premises.
How does conveyancing in Ironbridge differ for new build properties?
Most buyers of new build premises in Ironbridge contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Ironbridge typically buy 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 conveyancing solicitors 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 accustomed to new build conveyancing in Ironbridge or who has acted in the same development.
I've recently bought a leasehold house in Ironbridge. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Ironbridge - Examples of Questions you should ask Prior to buying
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Is there a share of the freehold? The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants have being in charge if their destiny and although a managing agent is often employed if the building is bigger than a house conversion, the managing agent is directed by the tenants. Is anyone aware of any major works in the near future that will add a premium to the maintenance fees?