I am expecting a mortgage with Lloyds. My intention is to retain the legal services of a Licensed Conveyancer in Harrogate. Does the Lloyds Solicitor panel exclude Licensed Conveyancers?
The Lloyds approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
Our conveyancer has discovered a defect with the lease for the property we are purchasing in Harrogate. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must be satisfied that the bank is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
In what way does my ID and proof of funds have anything to do with my conveyancing in Harrogate? Is this really warranted?
In order to comply with Money Laundering Regulations any Harrogate conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to check not simply the ID of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this will lead to your lawyer ending their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
My bank has suggested a law firm on their panel based in Harrogate but I would rather instruct a conveyancing lawyer in Harrogate or nearer to where I live. Can you assist?
It is by no means the case that all Harrogate conveyancing practices are approved and listed on all lender’s conveyancing panel. Do make the most of our find an approved solicitor tool to find a Harrogate conveyancing conveyancer on the on the bank panel.
Various internet forums that I have come across warn that are the number one reason for delay in Harrogate house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Harrogate.
Can you offer any advice when it comes to finding a Harrogate conveyancing practice to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Harrogate conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of work. We advise that you talk with two or three firms including non Harrogate conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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If they are not ALEP accredited then what is the reason? How experienced is the practice with lease extension legislation?
I am the registered owner of a garden flat in Harrogate, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Similar properties in Harrogate with an extended lease are worth £176,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2105
With just 80 years left to run we estimate the premium for your lease extension to range between £8,600 and £9,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.