Is the fact that my solicitor in Mountsorrel is not on my bank's conveyancing panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 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 lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Mountsorrel conveyancing practice and ask them why they are no longer on the approved list for your lender.
My solicitor has uncovered a defect with the lease for the flat we are purchasing in Mountsorrel. The other side have put forward title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must check that the mortgage company is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
We're in Mountsorrel, FTBs buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
What can a local search inform me regarding the house we're purchasing in Mountsorrel?
Mountsorrel conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for example Xpress Legal The local search is essential in every Mountsorrel conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Mountsorrel I like with amenity areas and transport links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Mountsorrel in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a home loan the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
My father has suggested that I use his lawyers for conveyancing in Mountsorrel. Should I choose my own conveyancer?
Much as we are happy to recommend a Mountsorrel conveyancing lawyer the best way to find a conveyancing solicitor is to get feedback from friends or family who have actually used the solicitor you're considering.