Is the fact that my solicitor in Mudeford is not identified on my mortgage company's solicitor panel that there is a problem with the quality of the firm’s work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters 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 Mudeford conveyancing firm and ask them why they are no longer on the approved list for your lender.
After scouring moneysavingexpert.com for an affordable lawyer in Mudeford, many comment that I must look for a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in buying or selling property, trusted by some of the UK's major banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Mudeford is one of the many areas in England and Wales where there are CQS lawyers.
I'm purchasing a new build house in Mudeford with the aid of help to buy. The developers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not disclose to my lawyer about the side-deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the UK Finance website. UK Finance form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We're novice buyers - had an offer accepted, but the estate agent advised that the vendor will only move forward if we use the agent's chosen solicitors as they are insisting on an ‘expedited deal’. My instinct tells me that we should use a high street solicitor used to conveyancing in Mudeford
We suspect that the seller is unaware of this requirement. If they want ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the vendors direct and explain that (a)you are serious purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Mudeford conveyancing firm - rather thanthose that will give their estate agent a commission or meet his conveyancing thresholds demanded by corporate headquarters.
I am tempted by the attractive purchase price for a couple of maisonettes in Mudeford both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Mudeford. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to extend the lease. This is why it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.
I bought a basement flat in Mudeford, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Mudeford with a long lease are worth £201,000. The ground rent is £45 yearly. The lease finishes on 21st October 2090
With 64 years unexpired we estimate the price of your lease extension to span between £14,300 and £16,400 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
I have selected a Mudeford conveyancing solicitor for our house purchase (FTB’s) and have picked up in the engagement letter that they are not regulated by the FCA. Am I right to be concerned or is that usually the case with conveyancing practitioner?
We can't see why they should be. Most conveyancer don't lend money. They should be regulated by the Solicitors Regulation Authority, who dictate strict obligations covering monies sitting on client account.