I am nearing exchange of contracts for my home in Ely and the EA has just called to advise that the purchasers are appointing a new solicitor. The excuse is that the mortgage company will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Ely ?
Banks have always had panels of law firms they are willing to work with, but in the past few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to monitor. Banks tend not to disclose 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. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.
The owners have rather pushy vendors who has insisted on a lock out agreement with a payment 10k. Are such agreements sensible?
Exclusivity agreements are agreements between a property vendor and prospective acquirer granting the buyer the sole right to the sale of the premises for a limited period of time. For all intents and purposes, an exclusivity is a document stating that you should be issued with a contract at a later date being the contract for the actual sale. It is generally used for buyer confidence though in many situations, the vendor may stand to benefit from such agreements as well. There are various pros and cons to having an agreement but you should to check with your lawyer but note that it may end up incurring extra in conveyancing fees. In light of this these contracts are not popular in relation to conveyancing in Ely.
Completed the sale of my flat in Ely last March yet the purchaser is SMS messaging daily to moan that their conveyancer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Following your disposal your solicitor should deliver the transfer documentation and all of the paperwork to the purchaser's solicitors. Where appropriate, your solicitor must also evidence that the mortgage has been paid off to the purchasers lawyers. There is unlikely to be post completion procedures specific conveyancing in Ely.
A friend advised me that in purchasing a property in Ely there may be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
We are aware of a number of properties in Ely which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Ely should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We are aiming to move home in March. Will my conveyancing solicitor update the removal company on the day of completion. As an aside, can you put forward a removal company in Ely. Conveyancing lawyer was organised before I stumbled across this page.
On the afternoon of completion you can collect the keys from your selling agent but this can only take place after the sellers solicitors confirm to the agent that they acknowledge receipt of the completion payment and the keys can be passed over. You can tell the removal company that you are ready to move in. As a matter of policy we do not recommend a particular removal organisation but can assist you in locating a residential property solicitor in Ely or a lawyer with expertise in conveyancing in Ely.
Intending to buy a maisonette in Ely. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Ely property lawyer is on the HSBC conveyancing panel.
I have been on the look out for a flat up to £235,500 and found one round the corner in Ely I like with a park and transport links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Ely for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am looking for a conveyancing practitioner in Ely for my purchase. Is there any facility to see a solicitor's record with the legal regulator?
Anyone may review published Solicitor Regulator Association (SRA) decisions resulting from investigations started on or after 1 January 2008. Visit Check a solicitor's record. For records about the period before 1 January 2008, or to check a solicitors history, ring 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 regulator could recorded telephone calls for training purposes.