Am I correct in assuming that the fact that my solicitor in New Invention is not identified on my mortgage company's conveyancing panel that there is a problem with the standard of her work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. Just recently a report by the solicitors regulator revealed 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 lawyer 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 New Invention conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
At what point will exchange of contracts take place for purchase conveyancing in New Invention and am I required to attend the conveyancers branch?
If you are round the corner to one of the conveyancing solicitors in New Invention you are invited in to sign documents. However, the lender approved solicitors we recommend offer countrywide coverage for conveyancing and give as equally detailed and professional a job for you when communicating with you by post or email. The executing of the sale agreement is not the critical part. Signing on the dotted line is necessary for the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in New Invention)to be in the office at the appropriate time.
What happens if my lawyer’s firm is removed from the Santander Solicitor panel ahead of completing my conveyancing in New Invention?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. New Invention is where the house is located. Can you offer any advice?
Flying freeholds in New Invention are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Invention you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Invention 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 premises.
Back In 2002, I bought a leasehold flat in New Invention. Conveyancing and Aldermore mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in New Invention who previously acted has long since retired. Any advice?
The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. It is not necessary to incur the fees of a New Invention conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. You should note that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I inherited a split level flat in New Invention, conveyancing formalities finalised May 2007. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in New Invention with a long lease are worth £255,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2099
You have 73 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
I am hoping to purchase a repression house in New Invention and the bank selling require completion within a week. Do conveyancers complete in this timeframe? Am I best advised to instruct a local New Invention firm or an online firm that advertises to complete quickly?
Visit your New Invention shopping parade. Pop in to two or three companies and ask to talk to a conveyancing solicitor for a quote. Set out your situation and get a commitment on deadlines. Choose the firm that appears most genuine. Be sure to choose a property lawyer on the list of lawyers approved by your mortgage company.