Is the fact that my solicitor in Soho is not on my bank's conveyancing 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 plenty of plausible explanations. A recent report by the solicitors regulator revealed 76% 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 simply call the Soho conveyancing firm and enquire why they are no longer on the approved list for your bank.
Can you explain why leasehold purchase conveyancing in Soho costs more?
The conveyancing fees on a leasehold premises in Soho is often more expensive when contrasted to a freehold transaction. This is because there is an amount of extra work required in communicating with the freeholder and management company to collate the information about whether the rent and service charges have been paid and whether there are any significant expenditure in the near future on repairs or maintenance of the building.
My wife and I are purchasing a apartment in Soho. It might be a silly question but how we can trust a solicitor? On the day of competition we will need to put funds into their account. What protection do we have from them run away with our money?
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.
Is it the case that all Soho CQS (Conveyancing Quality Scheme) solicitors are on the Aldermore conveyancing panel?
A selection of lenders now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I had a mortgage agreed in principle with TSB. Soho conveyancing solicitors were selected. How long does it take for TSB to issue the offer to the property lawyer?
Some lenders take longer than others. Have TSB done the valuation? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
3 months have gone by following my purchase conveyancing in Soho concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
About to purchase a new build apartment in Soho. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Soho
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I opted to have a survey carried out on a house in Soho prior to retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some banks may refuse to grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Soho. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Soho to see if the conveyancing costs will increase in light of this.