Am I correct in assuming that the fact that my solicitor in Tenbury Wells is not identified on my mortgage company's solicitor panel that there is a problem with the quality of her work?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 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 lawyer 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 Tenbury Wells conveyancing firm and enquire why they are no longer on the approved list for your bank.
I am hoping to complete my purchase in Tenbury Wells next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not specific to conveyancing in Tenbury Wells.
We're in Tenbury Wells, FTBs buying with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
We are purchasing a house in Tenbury Wells. It might be a silly question but how we can trust a lawyer? On completion day we have to deposit money into their account. What protection do we have from them run away with our deposit?
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 Tenbury Wells solicitor firms on the Kent Reliance conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be overseen by the SRA. Some mortgage companies do allow licenced conveyancers on their panel and in such a situation the practice would be overseen by the Council of Licensed Conveyancers.
Coventry BS have agreed my mortgage in principle, my bid on a house in Tenbury Wells has been agreed to, now what?
The property agent will need to be informed of your property lawyer's details (ensure that the conveyancers are on the lender’s panel). Telephone Coventry BS or the broker and finalise any outstanding documentation. Coventry BS will sellect a valuer who will get in contact with the estate agent or vendor to arrange a time for the valuation to happen. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Coventry BS will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Tenbury Wells.
What advice can you give us when it comes to choosing a Tenbury Wells conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Tenbury Wells conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with two or three firms including non Tenbury Wells conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions have they completed in Tenbury Wells in the last twenty four months?
I am the registered owner of a 1st floor flat in Tenbury Wells, conveyancing having been completed January 2002. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Tenbury Wells with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2089
With 64 years left to run the likely cost is going to be between £15,200 and £17,600 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
Whilst your website is a good idea there are many lawyers listed near Tenbury Wells being on the lender conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We do not recommend specific Tenbury Wells firms as the right Tenbury Wells conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Tenbury Wells knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..