Is the fact that my solicitor in Needham Market is not on my bank's conveyancing panel that there is a problem with the standard of the firm’s work?
That would more than likely be a wrong assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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. Should you be concerned you should contact the Needham Market conveyancing firm and ask them why they are no longer on the approved list for your bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Needham Market? What am I being asked for?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with prior to agreeing to accepting their conveyancing business. The Terms and Conditions that you need to sign should reaffirm this. Your lender will also require certain documents to be checked. Where you are unwilling to hand over identification documents, your solicitor would not be able to act for you.
My relative recommended that if I am buying in Needham Market I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Needham Market conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Needham Market around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Needham Market Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful data concerning Needham Market.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Needham Market is where the house is located. Can you offer any guidance?
Flying freeholds in Needham Market are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Needham Market you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Needham Market may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am using a search engine for the phrase conveyancing in Needham Market it brings up many conveyancersin the vicinity. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The best method of choosing the right conveyancer is via personal testimonial, so seek the opinion of colleagues and relatives who have acquired a property in Needham Market or the local estate agent or mortgage broker. Charges for conveyancing in Needham Market vary, so it's sensible to secure at least three fee estimates from varying types of solicitors. Be sure to obtain confirmation what costs in the quote includes.
What are your top tips when it comes to appointing a Needham Market conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Needham Market conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Needham Market conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
-
What are the costs for lease extension work?
I own a split level flat in Needham Market, conveyancing formalities finalised March 2003. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Needham Market with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 per annum. The lease finishes on 21st October 2103
With 78 years unexpired we estimate the price of your lease extension to range between £7,600 and £8,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first getting professional advice.