I am not well enough to travel far from Coventry. Is there a reason why all Coventry property lawyers aren't automatically on all lender panels?
Pre- 2008 most lenders exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into fraud which in summary warned lenders: know the conveyancers on your panel. Consequently, banks have since looked to extract more information from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have been removed from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to satisfy the minimum volume of transactions the lenders set.
My partner and I changing mortgage lender for our flat in Coventry with Nottingham. We have a son approaching twenty who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the flat is repossessed. I have a couple of questions (1) Is this form unique to the Nottingham conveyancing panel as he never had to sign this form when we remortgaged 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nottingham. This is solely used to protect Nottingham if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nottingham had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Are all Coventry Conveyancing Quality Solicitors on the RBS conveyancing list of approved practices?
Some major lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to remain on their panels.
We expect to receive a OIP from Santander this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Santander recommend any Coventry solicitors on the Santander conveyancing panel, or is it better to go independently?
You will need to appoint Coventry solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
My offer on a semi in Coventry has been agreed to, but there is a chain. The owners have offered on on an apartment, however it’s not yet tied up, and are looking at other flats booked. I have selected a high street conveyancing solicitor in Coventry. What do I do now? At what point should I apply for the mortgage with Skipton?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then survey, Coventry conveyancing search charges, etc). First, you must ensure that your property lawyer is on the Skipton approved list. As to the subsequent stages this very much dictated by the specifics of your case, desire for this property and on the state of the market. In a buoyant market some buyers will apply for the mortgage with Skipton and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with the conveyancing in Coventry.
Are there restrictive covenants that are commonly identified as part of conveyancing in Coventry?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Coventry. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a conveyancing lawyer in Coventry for my purchase. Is it possible to check a solicitor's complaints history with the legal regulator?
Members of the public can search for presented Solicitor Regulator Association (SRA) decisions stemming from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a solicitors record, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, use +44 (0)121 329 6800. The SRA may recorded call for training reasons.
I work for a long established estate agent office in Coventry where we have experienced a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Coventry conveyancing firms. Please can you confirm whether the owner of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a 1st floor flat in Coventry, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Coventry with a long lease are worth £179,000. The average or mid-range amount of ground rent is £65 per annum. The lease terminates on 21st October 2082
With 57 years unexpired we estimate the price of your lease extension to be between £26,600 and £30,800 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.