I am purchasing an apartment in East Dean. My lawyer has never been on on the lender approved panel. Can I still retain my East Dean conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
You have numerous choices available to you here
- Proceed with your existing East Dean solicitor but your bank will undoubtedly instruct a lawyer from their approved list. The net result is additional charges and likely interruption.
- Choose a fresh lawyer to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your solicitor to do everything within their powers to join the bank’s conveyancing panel
My husband and I swapping mortgage lender for our maisonette in East Dean with UBS. We have a son 18 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have two concerns (1) Is this form unique to the UBS conveyancing panel as he did not need to sign this form when we remortgaged 4 years ago (2) Does our son by signing this compromise his entitlement 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 UBS. This is solely used to protect UBS 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 UBS 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.
What happens if my solicitor is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in East Dean?
First, this is very unlikely to happen. 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 for a fee.
is it true that all East Dean conveyancing solicitors on the UBS conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the UBS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
I have paid off my mortgage with Lloyds. I assume I don't need a East Dean conveyancer on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
I have instructed a East Dean conveyancer having checked that they are on the Co-operative conveyancing panel. Does my lawyer arrange the survey of the property?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own East Dean surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. East Dean is the location of the property. Is there any advice you can impart?
Flying freeholds in East Dean are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside East Dean you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in East Dean may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What are your top tips when it comes to finding a East Dean conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a East Dean conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you speak with several firms including non East Dean conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then what is the reason? What volume of lease extensions has the firm carried out in East Dean in the last twenty four months?
I am the registered owner of a basement flat in East Dean, conveyancing having been completed October 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in East Dean with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2098
With just 73 years remaining on your lease we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.