Am I correct in assuming that the fact that my conveyancer in Stowmarket is not identified on my bank's solicitor panel that there is a problem with the quality of her work?
It would be unwise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator indicated 76% 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. Should you be concerned you should contact the Stowmarket conveyancing practice and ask them why they are no longer on the approved list for your lender.
Planning on purchasing a house in Stowmarket. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Stowmarket conveyancer is on the Principality conveyancing panel.
UBS have agreed my home loan in principle, my bid on a property in Stowmarket has been accepted, what happens next?
Your estate agent will need to know who your solicitors are (ensure that the solicitors are on the bank’s panel). Call up UBS or your broker and complete any outstanding paperwork. UBS will appoint a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days to get a mortgage offer. UBS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Stowmarket.
I have finally had an offer on a maisonette in Stowmarket agreed to, the sellers do nevertheless have a connected purchase. The owners have placed an offer on somewhere, but it’s not yet tied up, and are looking at other apartments booked. I have chosen a local conveyancing solicitor in Stowmarket. What should be my next step? When should I get the mortgage application with Kent Reliance going?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then valuation, Stowmarket conveyancing search charges, etc). First, you should check that your conveyancer is on the Kent Reliance conveyancing panel. Regarding the next steps this very much dictated by the uniqueness of your transaction, attraction to the property and on the state of the market. During a hot market the majority of home buyers will apply for the mortgage with Kent Reliance and pay for the valuation and only if it was satisfactory would they ask their conveyancing practitioner to proceed with searches.
Will my solicitor be asking questions concerning flooding during the conveyancing in Stowmarket.
The risk of flooding is if increasing concern for lawyers dealing with homes in Stowmarket. Plenty of people will acquire a house in Stowmarket, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a number of searches that can be initiated by the purchaser or by their lawyers which can figure out the risks in Stowmarket. The conventional set of information given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the owner to determine whether the premises has ever been flooded. If flooding has previously occurred and is not notified by the vendor, then a purchaser may commence a claim for damages as a result of such an misleading response. The purchaser’s lawyers may also conduct an environmental search. This will indicate whether there is any known flood risk. If so, additional investigations will need to be carried out.
It has been 2 months since my purchase conveyancing in Stowmarket took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. 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.
I am looking for a leasehold apartment up to £305k and found one close by in Stowmarket I like with a park and station nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Stowmarket in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage that many years may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I need to appoint a conveyancing solicitor for freehold conveyancing in Stowmarket. I've chance upon a web site which looks to be the perfect offering If there is a chance to get all formalities done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?