I am five weeks into the sale of my apartment in Ely and the EA has just telephoned to advise that the purchasers are changing their property lawyer. The reason given is that the lender will only deal with solicitors on their conveyancing panel. On what basis would a leading mortgage company only deal with certain law firms rather the firm that they want to select for their conveyancing in Ely ?
UK lenders have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some 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 sway in the decision.
I purchased a freehold house in Ely yet invoiced for rent, why is this and what is this?
It is rare for properties in Ely and has limited impact for conveyancing in Ely but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I am purchasing a semi-detached house in Ely. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Ely you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ely.
I am purchasing a new build house in Ely with the aid of help to buy. The sellers would not move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my lawyer about the deal as it could adversely affect my loan with Birmingham Midshires. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a conveyancing lawyer in Ely for my remortgage. Is it possible to check a firm’s complaints history with the legal regulator?
One can search for documented Solicitor Regulator Association (SRA) decisions arising from investigations from 2008 onwards. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
Can you provide any advice for leasehold conveyancing in Ely with the intention of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Ely can be reduced where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ lawyers. You believe that you know the number of years remaining on your lease but you should double-check via your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. It is therefore essential at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. If you have carried out any alterations to the property would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Ely leases often stipulate that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord consenting to such changes. If you dont have the consents in place do not contact the landlord without checking with your lawyer first. Many landlords or managing agents in Ely charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Ely.
I purchased a leasehold flat in Ely, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Ely with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ceases on 21st October 2099
With only 74 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.