My wife and I are hoping to buy a property in Ely and have instructed a Ely conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Scotland have this evening contacted us to inform me that they have now hit a problem as our Ely conveyancer is not on their approved list of lawyers. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ely lawyers, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
What does my ID and proof of funds have anything to do with my conveyancing in Ely? What am I being asked for?
It is indeed that case that these requests have nothing to do with conveyancing in Ely. However these days you will not be able to complete any conveyancing deal if you have not supplying proof of your identity. This usually takes the form of a either your passport or driving licence and a bank statement. Remember if you are supplying your driving licence as evidence of identification it must be both the paper section and photo card part, one is not satisfactory in the absence of the other.
Verification of the source of funds is mandated under Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancing solicitor must have this information on record. Your Ely conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any monies from you into their client account and they may also ask further questions concerning the source of funds.
I purchased my home on 13 August and my personal details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Ely said it should be registered in a couple of weeks. Are titles in Ely uniquely lengthy to register?
As far as conveyancing in Ely is concerned, registration is no faster or slower than anywhere else in England and Wales. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and whether the Land registry must send notices to any 3rd parties. Currently roughly three quarters of such applications are fully addressed within two weeks but occasionally there can be longer delays. Registration is effected once the new owner is living at the premises thus registration formalities is not usually an essential issue but if there is a degree of urgency associated with the registration then you or your conveyancer should contact the land registry and explain the circumstances.
My uncle has recommend that I instruct his conveyancers in Ely. Should I use them?
Much as we are happy to recommend a Ely conveyancing lawyer it’s preferable to choose a conveyancing practitioner is to have referrals from friends or relatives who have used the firm that you are are thinking of instructing.
Expecting to complete next month on a studio apartment in Ely. Conveyancing solicitors have said that they will have a report out to me tomorrow. What should I be looking out for?
Your report on title for your leasehold conveyancing in Ely should include some of the following:
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The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. The unexpired lease term. You should receive guidance as what happens when the lease ends, and aware of the importance of the 80 year mark Changes to the premises Repair and maintenance of the property What options are open to you if an adjoining owner breaches a clause of their lease?
I purchased a studio flat in Ely, conveyancing was carried out 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Ely with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ceases on 21st October 2080
With only 55 years left to run the likely cost is going to range between £31,400 and £36,200 plus professional fees.
The figure 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 without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
My mother and father cant seem to find their Ely land registry title on the online search facility. They recall that back in the 60’s when they purchased the house there were complications with the post code not being identified on some systems.
The vast majority of premises in Ely should show up. Have you attempted a search with just the postcode. Normally it should identify all the premises within that postcode. Assuming the property is registered it will show up with a title number. Where they bought back in the 60’s it's conceivable it may be unregistered. The address may still be revealed but with the title number shown 'na'. In this scenario you will need to locate the original title papers which may be with your parent’s lender.