The solicitor who dealt with my former purchase has sent a quote for just over a thousand pound for leasehold conveyancing in Thorpe Astley. I am selling a Georgian property for £200,000. Are the quoted fees excessive? Is it above the norm for conveyancing in Thorpe Astley?
The estimate does seem a tad steep. If you shop around you could decrease the fees slightly by say £125. On the other hand, you couldlive to rue choosing an a cheaper solicitor. Don't forget to check the solicitor can also act for your bank. You can employ our comparison tool to select a Thorpe Astley conveyancing company on the lender’s approved list of lawyers which can often include conveyancing solicitors in Thorpe Astley.
My solicitor has informed me that lack of right of way insurance is needed on my purchase. What is the level of cover for Thorpe Astley conveyancing?
The right level of lack of right of way indemnity insurance should be dictated by who who your lender is. It would differ for example between Halifax and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such policies.
I can not work out if my bank requires a lease extension. I have called my Thorpe Astley building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Thorpe Astley conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their published requirements. Who do I believe?
Provided that the property lawyer is on the mortgage company panel, she or he must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
Intending to buy a apartment in Thorpe Astley. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Principality conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Thorpe Astley property lawyer is on the Principality conveyancing panel.
Will our conveyancer be asking questions regarding flooding as part of the conveyancing in Thorpe Astley.
Flooding is a growing risk for conveyancers specialising in conveyancing in Thorpe Astley. Plenty of people will purchase a property in Thorpe Astley, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not qualified to impart advice on flood risk, however there are a various checks that can be undertaken by the purchaser or by their lawyers which can give them a better understanding of the risks in Thorpe Astley. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the vendor to find out if the property has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a purchaser could commence a claim for damages as a result of such an misleading reply. The buyer’s solicitors will also commission an environmental search. This should reveal if there is a recorded flood risk. If so, further investigations should be made.
Is it possible to change solicitor as I have to select one who is on the The Royal Bank of Scotland conveyancing list. I instructed a family conveyancing solicitor in Thorpe Astley round the corner but the firm is not accepted by The Royal Bank of Scotland
It would be our pleasure to assist you select a conveyancing solicitor in Thorpe Astley on the The Royal Bank of Scotland panel. Please note that the conveyancers that we list do not pay us commission if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Thorpe Astley. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Thorpe Astley.
Our solicitor in Thorpe Astley has identified a defect with the lease for the property we are buying in Thorpe Astley. The other side have offered title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must check that the lender is happy with this solution. Who is the client here, us or the mortgage company?
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 mortgage company 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 lender 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.