My partner and I are planning to buy a house in Shenstone and are in fact using a Shenstone conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Platform Home Loans Ltd have this afternoon contacted us to inform me that there is now an issue as our Shenstone lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property with the assistance of a mortgage it is normal for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Shenstone solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Do I have to visit the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Shenstone so that I can pop in to their offices if required.
Nowadays conveyancing panel lawyers for mortgage companies undertake all of the communications via Royal Mail, internet or over phone calls. This means that they can undertake the legal work for your home move regardless of where you live in England or Wales. However you can check if you can still book an appointment to visit conveyancing lawyer if you prefer.
Me and my partner are buying a apartment in Shenstone. It might be a silly question but how we can trust a solicitor? At some point we have to put funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Shenstone?
There are many registered licenced Conveyancers in Shenstone and Solicitor partnerships in Shenstone who provide Conveyancing services It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. The two can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I'm the single recipient of my late mum's estate with all property in now in my sole name, including the my former home in Shenstone. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be treated the same way as if I'd bought the property in April. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Some mortgage companies would take a pragmatic view as this requirement is primarily there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a residence in Shenstone?
Unless a prior acquisition of the house took place after 12 October 2013 you can take it that solicitors conducting conveyancing in Shenstone to continue to advocate a chancel search and or insurance against a claim.
I've found a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Shenstone. Conveyancing lawyers have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Shenstone ?
Most houses in Shenstone are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Shenstone so you should seriously consider shopping around for a Shenstone conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’sconsent to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the communal areas where the property is part of an estate. Your lawyer should appraise you on the various issues.
I invested in buying a garden flat in Shenstone, conveyancing formalities finalised in 2003. How much will my lease extension cost? Equivalent properties in Shenstone with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2081
You have 56 years left to run the likely cost is going to range between £29,500 and £34,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns 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 before seeking the advice of a professional.
What tools are available to find a Shenstone conveyancing solicitor on the bank conveyancing panel? I have a car and am prepared to travel up to 20miles to attend the conveyancer.
You can use the find a conveyancing panel search on this website. Please choose the lender and your location, in this case Shenstone and you will see a number of lawyer located nearest Shenstone. Alternatively you can type in the name of your proposed law firm and see if they are listed as being on the mortgage company solicitor panel.