We are purchasing a 1 bedroom flat in Thurston with a mortgage. We like our Thurston lawyer, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel solicitors or keep our Thurston solicitor as well as pay for one of their panel lawyers to act for them. We regard this is inequitable; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Thurston conveyancing lawyer to apply to be on the conveyancing panel.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Lloyds Solicitor panel ahead of completing my conveyancing in Thurston?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
My friend suggested that if I am purchasing in Thurston I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is sometimes included in the estimate for your Thurston conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Thurston around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Thurston Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Thurston.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The solicitors who handled the conveyancing in Thurston 10 years ago have long since closed. Will I be able to sell the house?
These day there are duplicates made of almost everything, and your conveyancer should know precisely where to locate all the suitable paperwork so you may buy or dispose of your house without a hitch. Where duplicates can’t be found, your conveyancer may be able to arrange cover in the form of insurance or indemnities protecting you against possible claims on the premises.
I'm converting the mortgage on my existing house to a BTL mortgage with Bank of Ireland and I will use the ballance of the raised equity as a down payment on another property. The area we are looking at is Thurston. Will your solicitors be able to act for the two mortgage companies and link together the conveyances?
Do use our comparison tool on this site to be sure that the solicitors are on the relevant lender panels. Assuming that they are the lawyer should be able to simultaneously deal with the two conveyancing matters but you should have a chat with you conveyancer and communicate your desired outcome and requirements.
Planning to complete next month on a leasehold property in Thurston. Conveyancing lawyers have said that they will have a report out to me tomorrow. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Thurston should include some of the following:
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You need to be told what is to be regarded as a Nuisance as far as the lease is concerned Setting out your rights in respect of the communal areas in the block.For example, does the lease contain a right of way over a path or staircase? Whether your lease has a provision for a slush account for major works? You should be sent a copy of the lease Details of the parties to the lease, for example these could be the lessee, superior lessor, freeholder
I bought a split level flat in Thurston, conveyancing formalities finalised in 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Thurston with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2088
You have 62 years unexpired the likely cost is going to range between £17,100 and £19,800 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you 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.