I am not well enough to travel far from Kingsbridge. Is there a reason why all Kingsbridge conveyancing practitioners aren't automatically on all lender panels?
Banks point to the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its outcome included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This led to lenders purging a number of firms from their official list of approved conveyancing practitioners .
I had intended to instruct a property lawyer in Kingsbridge for our home move. Our financial adviser has since notified us that our mortgage lenders Nottingham Building Society won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most banks had a different appetite for risk. Almost all Kingsbridge conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms regarding their operations and the individuals who work for them as well as establishing certain criteria such a completing on a minimum volume of transactions. Many Kingsbridge conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Kingsbridge is amongst the hundreds of areas where the conveyancers we recommend are members of the panel for Nottingham Building Society.
My wife and I have a terraced Victorian property in Kingsbridge. Conveyancing solicitor acted for me and The Royal Bank of Scotland. I did a free Land Registry search last week and I saw two entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Kingsbridge and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing practitioner who conducted the conveyancing.
About to purchase a new build flat in Kingsbridge. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Kingsbridge
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Please confirm the Lease plans are architect prepared.
I opted to have a survey carried out on a property in Kingsbridge in advance of instructing solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks tend refuse to give a loan on such a property.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you call us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kingsbridge. Conveyancing will be smoother if you use a solicitor in Kingsbridge especially if they are familiar with such properties in Kingsbridge.
Some weeks ago I was advised by my lender that their approved lawyers operate no completion no fee basis for conveyancing in Kingsbridge. I had a purchase fall through nevertheless the solicitors have requested search fees! They are claiming that the fees are nothing to do with their fees!
Kingsbridge conveyancing search fees are disbursements not legal fees as these are payable to a third party.