I am nearing exchange of contracts for my apartment in Mevagissey and the estate agent has just text me to warn that the purchasers are swapping property lawyer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific law firms rather the firm that they want to appoint for their conveyancing in Mevagissey ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. The buyers are unlikely to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Mevagissey? What am I being asked for?
To satisfy the Money Laundering Regulations any Mevagissey 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 evidencing where you reside.
In accordance with Money Laundering Regulations, conveyancing solicitors are obliged by law to ascertain not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may result in your solicitor terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
I've recently found out that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Mevagissey is where the house is located. Is there any guidance you can impart?
Flying freeholds in Mevagissey are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mevagissey you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mevagissey may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What does commercial conveyancing in Mevagissey cover?
Non domestic conveyancing in Mevagissey incorporates a broad range of services, given by qualified solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
I only have 62 years remaining on my flat in Mevagissey. I now wish to extend my lease but my landlord is missing. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to find the lessor. In some cases a specialist may be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Mevagissey.
I invested in buying a basement flat in Mevagissey, conveyancing having been completed 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Mevagissey with a long lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2092
You have 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
Developers have suggested I use a conveyancing practitioner and I've obtained an estimate from them. They are nearly £300 less expensive than my local Mevagissey lawyer. What's the catch?
Developers often have lists of conveyancing practitioners who expedite matters and who know the seller’s contract and conveyancer. Plenty of developers offer an inducement to select their approved conveyancer for this reason, any increased charges can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the transaction delayed when they require an exchange in 28 days. The argument for not opting for the suggested lawyer is that they may be unwilling to fight for your interests at the risk of alienating the sellers. If you worry that this may be the case you should stick with your high street Mevagissey lawyer.