We wanted to use a conveyancing solicitor in March for our house purchase. Our financial adviser informed us that our mortgage lenders Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most banks had a different appetite for risk. Almost all March conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more data from law firms concerning their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of transactions. Many March 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. March is one of the hundreds of locations where the conveyancers we list are are authorised to act for Bank of Scotland.
When it comes to lenders such as HSBC, do March conveyancing practitioners face a yearly amount to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
Is there a list of Aldermore panel conveyancers in March on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings visible online. Where you are looking for a March property lawyer on the Aldermore please use our tool.
How can we tell if a March conveyancing solicitor on the Barclays panel is any good?
When it comes to conveyancing in March seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the solicitor carrying out your conveyancing.
A relative recommended that if I am purchasing in March I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your March conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about March around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the March Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, March Education with plans and statistics, Local Amenities and other useful data concerning March.
Are there restrictive covenants that are commonly identified during conveyancing in March?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in March. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am using a search engine for the term on line conveyancing in March it brings up many conveyancersin the area. How do I determine which is the suitable property lawyer for the sale of my house?
The ideal method of seeking the right conveyancer is via trusted recommendation, so seek the guidance of colleagues and family who have bought a property in March or a respected estate agent or financial adviser. Costs for conveyancing in March vary, so it's advisable to obtain a minimum of three costs illustrations from different solicitors. Dont forget to clarify that the costs are guaranteed not to increase.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in March. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in March ?
The majority of houses in March are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in March in which case you should be looking for a March conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’spermission to carry out changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I acquired a studio flat in March, conveyancing having been completed in 2004. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in March with an extended lease are worth £192,000. The average or mid-range amount of ground rent is £55 levied per year. The lease comes to an end on 21st October 2080
With only 54 years remaining on your lease the likely cost is going to span between £32,300 and £37,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.