Am I correct in assuming that the fact that my solicitor in Broadway is not identified on my mortgage company's solicitor panel that there is a problem with the quality of her work?
That would most likely be an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should simply call the Broadway conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
My fiance and I wish to acquire a newbuild apartment in Broadway with a homeloan from Alliance & Leicester .We have a Broadway conveyancing solicitor but Alliance & Leicester says his firm is not listed on their approved list of member firms. We have to appoint a Alliance & Leicester panel solicitor or retain our local solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains terms and conditions, a common one being that conveyancers needs to be on the Alliance & Leicester approved list. 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Alliance & Leicester
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Broadway?
Unless a prior acquisition of the property completed post 12 October 2013 you may expect lawyers delivering conveyancing in Broadway to continue to suggest a chancel search and or chancel repair liability insurance.
I am looking for a flat up to £235,500 and identified one round the corner in Broadway I like with open areas and railway links nearby, the downside is that it's only got 52 remaining years left on the lease. I can't really find anything else in Broadway suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage that many years may be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
I am using a search engine for the term conveyancing in Broadway it brings up many conveyancerslocally. How do I determine which is the suitable conveyancer for purchase transaction?
The best method of finding the right conveyancer is via trusted recommendation, so seek the guidance of friends and family who have bought a property in Broadway or the local estate agent or mortgage broker. Fees for conveyancing in Broadway vary, so it's a good idea to obtain a minimum of three fee estimates from different companies. Be sure to obtain confirmation that the fees are fixed.