Me and my wife are buying a flat in Tilehurst. My Conveyancer is not listed on the lender conveyancing panel. Is it possible for me to retain my Tilehurst conveyancing solicitor notwithstanding that they are not on the bank approved list?
Your options include
- Complete the purchase with your preferred Tilehurst property lawyer but your lender will no doubt appoint a property lawyer from their approved list. The net result is additional charges and potential frustration.
- Get a new solicitor to conduct the conveyancing, ensuring that they are on the bank conveyancing panel.
- Appeal to your property lawyer to seek to join the lender panel
We wanted to use a property lawyer in Tilehurst for our house move. Our broker has since notified us that our mortgage company The Royal Bank of Scotland won't deal with them. Why is this not regarded as unduly restrictive?
Banks in the main restrict either the category or the volume of conveyancing practices on their approved list of lawyers. Typical examples of such criteria being that a law practice must have two or more partners. As well as restricting the type of firm, a few lenders have decided to limit the amount of firms they permit to represent them. Be aware that The Royal Bank of Scotland have no responsibility for the quality of advice provided by any member of The Royal Bank of Scotland Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there remains mixed opinions concerning the level of solicitor engagement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Tilehurst only execute one or two conveyances per annum.
is it true that all Tilehurst conveyancing solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be overseen by the SRA. Many lenders do list licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
We previously instructed solicitors locally in Tilehurst on the Principality solicitor panel. They are now charging me a supplemental charge for dealing with the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
Unfortunately, as long as it is in their Terms of Engagement or estimate then yes your lawyer can charge a fee for this. The charge is not dictated by Principality but by your Tilehurst lawyer. Numerous firms on the Principality panel will levy ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
Last month we had a mortgage agreed in principle with TSB. Tilehurst conveyancing practitioners have been appointed. How long does it take for TSB to issue the offer to the property lawyer?
There is no definitive answer here. Have TSB conducted the survey? Have you advised TSB as to your lawyers' details and checked that your lawyers are on the TSB conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I decided to have a survey completed on a property in Tilehurst before instructing lawyers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not grant a loan on a flying freehold premises.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Tilehurst. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Tilehurst to see if the conveyancing costs will increase in light of this.
What advice can you give us when it comes to appointing a Tilehurst conveyancing firm to deal with our lease extension?
If you are instructing a conveyancer for your lease extension (regardless if they are a Tilehurst conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non Tilehurst conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be of use:
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How many lease extensions has the firm carried out in Tilehurst in the last 12 months?
I purchased a ground floor flat in Tilehurst, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Tilehurst with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
You have 62 years remaining on your lease we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as costs.
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 the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Whilst your website is a good idea there are many lawyers listed near Tilehurst being on the bank conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our mortgage company?
We are not in the business of recommending one firm above another as the right Tilehurst conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Tilehurst 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..