Is the fact that my solicitor in Thornaby on Tees is not listed on my mortgage company's conveyancing panel that there is a problem with the quality of his work?
It would not be wise to jump to that conclusion. 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) lack 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 Thornaby on Tees conveyancing practice and ask them why they are no longer on the approved list for your bank.
In what way does my ID and proof of funds have anything to do with my conveyancing in Thornaby on Tees? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms and Conditions that you are required to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. If you refuse to hand over identification documents, your conveyancer would not be able to act for you.
I need some expedited conveyancing in Thornaby on Tees as I have a deadline to sign on the dotted line inside one month. Fortunately I do not need a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you have the choice not to do searches although no conveyancer would advise that you don't. With lots of history conveyancing in Thornaby on Tees the following are instances of issues that can be revealed and adversely impact market value: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
2 months have gone by since my purchase conveyancing in Thornaby on Tees took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 property 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 hoping to complete next month on a studio apartment in Thornaby on Tees. Conveyancing solicitors assured me that they report fully on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Thornaby on Tees should include some of the following:
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Repair and maintenance of the flat if lease has a provision for a slush fund? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? specifics of the parties to the lease, e.g. these could be the leaseholder, head lessor, freeholder You should have a good understanding of the building insurance provisions
Leasehold Conveyancing in Thornaby on Tees - A selection of Questions you should ask Prior to buying
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Are any of leasehold owners in dispute over their service charge liability? The prefered form of lease structure is a share of the freehold. In this scenario the lessees have control and notwithstanding that a managing agent is usually retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Best to be warned whether fixing the lift or some other major work is due shortly to be shared amongst the tenants and will materially impact the level of the maintenance costs or require a specific payment.
Our conveyancer in Thornaby on Tees has uncovered a a problem with the lease for the flat we are buying in Thornaby on Tees. The other side have offered title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.