Me and my partner are buying a 1 bedroom flat in Acrefair with a mortgage. We have a Acrefair solicitor, but the mortgage company says she’s not on their "panel". It appears that we have little choice but to instruct one of the mortgage company panel solicitors or keep our Acrefair lawyer as well as pay for one of their panel ones to represent them. This feels very unfair; are we not able to require that the mortgage company use our Acrefair conveyancing practitioner ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. 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 Acrefair conveyancing solicitor to apply to be on the conveyancing panel.
The Acrefair conveyancing firm handling our Acrefair conveyancing has discovered a discrepancy when comparing the information in the valuation survey and what is in the legal papers for the property. My lawyer has advised that he is obliged to check that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s approach right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. 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.
What happens if my lawyer’s firm is suspended from the HSBC Conveyancing panel ahead of completing my conveyancing in Acrefair?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Acrefair I like with a park and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Acrefair for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage that many years will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
I am thinking of appointing a conveyancing lawyer in Acrefair for my home move. Is there any facility to see a firm’s complaints history with the legal regulator?
Anyone may search for presented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find information Pre 2008, or to check a firm's record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA could recorded telephone calls for training purposes.
My partner and I may need to rent out our Acrefair garden flat temporarily due to taking a sabbatical. We instructed a Acrefair conveyancing firm in 2004 but they have since shut and we did not think at the time seek any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
The lease governs the relationship between the landlord and you the flat owner; specifically, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The accepted inference is that if the lease contains no expres ban or restriction, subletting is permitted. The majority of leases in Acrefair do not contain an absolute prevention of subletting – such a provision would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a copy of the tenancy agreement.
I bought a ground floor flat in Acrefair, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Acrefair with a long lease are worth £175,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2084
You have 58 years left to run we estimate the premium for your lease extension to range between £23,800 and £27,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.