Me and my partner are buying a flat in Old Stratford. My property lawyer has never been on on the mortgage company approved list. Am I still permitted to continue with my Old Stratford conveyancing solicitor notwithstanding that they are excluded from the bank panel of approved conveyancing solicitors?
You will need to instruct a lawyer to complete the formalities if you take out a mortgage to purchase your property. They will carry out all the appropriate legal checks on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is in place. You could select a Old Stratford conveyancer of your choosing. However, if the solicitor appointed is not on the bank conveyancing panel further charges will arise as separate legal representation will be required by them. Lender panel applications may be submitted, so if your solicitor has not in the past applied for membership they should do so.
We are purchasing a apartment in Old Stratford. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We previously chose conveyancers located in Old Stratford on the Yorkshire BS solicitor panel. They are now charging me a supplemental sum for dealing with the Yorkshire BS mortgage. Is this an additional conveyancing fee set by Yorkshire BS?
As unfair as it may appear, as long as it’s in their Terms and Conditions or Quote then yes your solicitor can charge a fee for this. This fee is not dictated by Yorkshire BS but by your Old Stratford property lawyer. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee and others do not.
We have agreed to purchase a house in Old Stratford. One unusual aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Co-operative your lawyer must follow the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Co-operative. The Council of Mortgage Lenders’ Handbook sets out minimum requirements for solar panel roof-space leases, and solicitors are required to report to Co-operative where a lease does not meet these requirements. The conditions relate to the installation of panels on properties nationwide and is not restricted to Old Stratford.
I used Wolstenholmes a few years ago for my conveyancing in Old Stratford. Now, I need the documents however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Old Stratford of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build apartment in Old Stratford. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Old Stratford
-
There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I have recently realised that I have 62 years remaining on my lease in Old Stratford. I now wish to get lease extension but my freeholder is can not be found. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have used your best endeavours to track down the lessor. In some cases a specialist may be useful to conduct investigations and to produce an expert document to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the vesting order request to the County Court covering Old Stratford.
I am the registered owner of a basement flat in Old Stratford, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Old Stratford with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 2088
With just 62 years left to run the likely cost is going to be between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures 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. You should not take any other action based on this information before getting professional advice.
Our solicitor in Old Stratford has uncovered a a problem with the lease for the property we are purchasing in Old Stratford. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.