My friend's step-father is a solicitor. I suspect that I will be offered friends and family fee for conveyancing, However if that does not come through, what level of fees would I typically be looking at for conveyancing in Tilbury?
It’s wise to seek 3 or more like-for-like conveyancing quotes. Do use our search tool on this site. Whilst fees do be different but the service one can expect are distinct between law firms as is the case with most professions.
My wife and I are approaching an exchange on a house in Tilbury and my mum and dad have transferred the ten percent deposit to my solicitor. I am now advised that as the deposit has been sent from someone other than me my property lawyer needs to make a notification to my mortgage company. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I informed the lender concerning my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
Your property lawyer is legally required to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
three months have gone by following my purchase conveyancing in Tilbury completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Tilbury I like with open areas and railway links in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Tilbury suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
My son is about to join the property ladder, he had his mortgage in principle. One the offer was accepted on house we contacted the bank to progress the mortgage application. I was shocked to learn that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this legal?
Mortgage Companies tend to restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Tilbury property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.