I am not well enough to travel far from Pound Hill. What is the rationale as to why all Pound Hill conveyancers aren't automatically on all lender panels?
A decade ago most banks exhibited an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which in summary warned lenders: know the lawyers on your panel. As a result, banks have since looked to extract more information from law firms concerning their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have been excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the criteria of amount of transactions the lenders insisted on.
Our son is purchasing a newly built flat in Pound Hill with a mortgage from Virgin Money. His lawyer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the valuer when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Having sold my house in Pound Hill last March but the buyer keeps telephoning every few hours complaining that their solicitor is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Following your house sale your conveyancer is committed to deliver the transfer documentation and all supplemental paperwork to the purchaser's solicitors. If applicable, your conveyancer should also send confirmation that the mortgage has been discharged to the buyers solicitors. There is unlikely to be post completion tasks just for conveyancing in Pound Hill.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one round the corner in Pound Hill I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Pound Hill in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am using a search engine for the phrase cheap conveyancing in Pound Hill it brings up many conveyancersin the area. How do I determine which is the right property lawyer for the sale of my house?
The preferential method of choosing a suitable conveyancer is through a personal referral, so ask colleagues and relatives who have acquired a property in Pound Hill or the respected estate agent or mortgage broker. Fees for conveyancing in Pound Hill vary, so it's advisable to secure a minimum of three fee estimates from different conveyancers. Dont forget to clarify that the costs are assured not to escalate.