Is the fact that my conveyancer in Thornaby is not listed on my bank's solicitor panel that there is a problem with the standard of her conveyancing?
That is more than likely an incorrect assumption to make. There are plenty of plausible 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 solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the Thornaby conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
My partner and I are acquiring a brand new duplex in Thornaby and my conveyancer is telling me that she has to the bank to reveal incentives from the seller. I am under pressure to exchange contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should my lawyer be raising enquiries concerning flooding during the conveyancing in Thornaby.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Thornaby. Some people will buy a property in Thornaby, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or by their solicitors which will give them a better appreciation of the risks in Thornaby. The conventional set of property information forms supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the seller to find out whether the property has ever been flooded. If the premises has been flooded in past which is not notified by the owner, then a buyer could issue a legal claim for losses stemming from an incorrect reply. A purchaser’s solicitors should also commission an environmental report. This will disclose whether there is a recorded flood risk. If so, further investigations should be initiated.
My wife and I purchased a terraced Victorian house in Thornaby. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the exact same property. Is it worth asking Alliance & Leicester to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thornaby and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing solicitor who completed the work.
I would like to let out my leasehold apartment in Thornaby. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Some leases for properties in Thornaby do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I acquired a 1st floor flat in Thornaby, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Thornaby with an extended lease are worth £180,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2084
With only 59 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be 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 based on this information before seeking the advice of a professional.
Do online conveyancing companies cover everything a high street Thornaby solicitor does or do I still need to retain a solicitor for the final stages for my conveyancing in Thornaby?
If you instruct an online conveyancer they should undertake all the things your Thornaby solicitor would cover.