Am I correct in assuming that the fact that my solicitor in Mayfair is not on my mortgage company's conveyancing panel that there is a problem with the standard of her conveyancing?
That is more than likely a wrong assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Mayfair conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
Should our conveyancer be making enquiries about flooding as part of the conveyancing in Mayfair.
Flooding is a growing risk for lawyers dealing with homes in Mayfair. There are those who purchase a house in Mayfair, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, but there are a numerous checks that can be carried out by the buyer or by their conveyancers which can give them a better appreciation of the risks in Mayfair. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to discover if the property has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer could issue a claim for damages resulting from an incorrect answer. A buyer’s lawyers should also conduct an enviro search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries should be initiated.
I am looking for a flat up to £195,000 and identified one round the corner in Mayfair I like with amenity areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Mayfair for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage that many years may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Do I need to be suspicious by brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Mayfair conveyancing company?
As is the case with lots of service providers, often suggestions from family and friends can be very helpful. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to retain. On occasion these lawyers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the recommendation. You are free to appoint your own lawyer. However, bear in mind that the majority of mortgage providers operate an approved list of lawyers you have to use for the lender aspect of your conveyancing.
I need to find a conveyancing solicitor for freehold conveyancing in Mayfair. I happened to stumble upon a site which appears to be the ideal solution If it is possible to get all this stuff completed via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My work colleague mentioned that before selecting a conveyancing firm they need approved by your mortgage company. I am novice purchaser but I have an AIP from Birmingham Midhshires and I already have a family conveyancing lawyer in Mayfair at the ready. Does Virgin Money need an approved conveyancer to be instructed? If so, where do I find that list so I can pick a conveyancing lawyer in Mayfair?
You need to instruct a solicitor that is on the Virgin Money panel. Simply telephone your chosen Mayfair conveyancing solicitor to check if they are on the Virgin Money panel. If they are not approved you have a number of options open to you here:
- Complete the deal with your chosen Mayfair lawyer but Virgin Money will no doubt appoint a lawyer on their approved list. This will result in additional charges together with probable delay.
- Appoint a fresh conveyancing practitioner to act in the purchase, ensuring that they are on the Virgin Money conveyancing panel.
- Convince your property lawyer to pull out all the stops to join the Virgin Money panel of solicitors.