I am in the process of selling my ground floor flat in Ely and the EA has just e-mailed to warn that the purchasers are changing their conveyancer. The reason given is that the mortgage company will only work with solicitors on their approved list. Why would a leading lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Ely ?
Banks have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders blame a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any impact on this.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Ely?
There are two types of lawyers who can perform conveyancing in Ely namely CLC regulated conveyancers or solicitors. Both professionals handle the legal services that you need to complete the sale or purchase of property. Both are obliged to carry out Ely conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be properly carried out and that all requirements and procedures will be correctly adhered to.
We are buying a detached bungalow in Ely. Our aim is to carry out an extension to the side at the house.Will legal conveyancing on the property involve investigations to ascertain if these alterations are prohibited?
Your property lawyer will review the registered title as conveyancing in Ely can occasionally identify restrictions in the title documents which restrict certain works or require the consent of another owner. Many additions require local authority planning permissions and approval in compliance with building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. It would be sensible to check these issues with a surveyor before you commit yourself to a purchase.
I have today made my last payment due on my mortgage with Nottingham. I assume I don't need a Ely conveyancer on the Nottingham panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Nottingham 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 Nottingham mortgage from the register. Nottingham, 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 Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Should our conveyancer be raising questions concerning flooding as part of the conveyancing in Ely.
The risk of flooding is if increasing concern for solicitors dealing with homes in Ely. There are those who buy a property in Ely, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a numerous checks that can be carried out by the buyer or by their solicitors which should give them a better appreciation of the risks in Ely. The standard property information forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the owner to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not notified by the seller, then a purchaser could commence a claim for damages as a result of such an misleading response. A buyer’s solicitors may also carry out an enviro report. This should reveal if there is any known flood risk. If so, additional investigations will need to be initiated.
Are there restrictive covenants that are commonly identified during conveyancing in Ely?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Ely. 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 have been sourcing a conveyancing practitioner in Ely for my house move. Can I check a firm’s complaints history with the legal regulator?
One can read published Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
Can you provide any advice for leasehold conveyancing in Ely from the point of view of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Ely can be bypassed where you instruct lawyers the minute you market your property and ask them to put together the leasehold information needed by the purchasers’ representatives. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is less than 75 years. It is therefore essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you have the original share certificate. Organising a replacement share certificate is often a time consuming process and delays many a Ely home move. Where a duplicate share is required, do contact the company director and secretary or managing agents (where applicable) for this at the earliest opportunity. Some Ely leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If there is a history of conflict with your freeholder or managing agents it is very important that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.
I purchased a garden flat in Ely, conveyancing was carried out 9 years ago. How much will my lease extension cost? Similar properties in Ely with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 per annum. The lease terminates on 21st October 2099
With 73 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. 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. Neither should you take any other action based on this information without first seeking the advice of a professional.