Our conveyancer has discovered a defect with the lease for the flat we are buying in Shiremoor. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank 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 conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
Can you clarify what the consequences are if my solicitor is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Shiremoor?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is it the case that all Shiremoor CQS (Conveyancing Quality Scheme) solicitors are on the Skipton conveyancing panel?
It is true that some lenders now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
When it comes to mortgage companies such as Principality, do Shiremoor property lawyers face a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We have agreed to purchase a house in Shiremoor. One unusual aspect is that the roof has a solar panel. Principality 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 your lender is Principality your lawyer must follow the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Principality. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease does not comply with these requirements. The provisions relate to the installation of panels on properties nationwide and is not restricted to Shiremoor.
We are downsizing from our house in Shiremoor and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed an online conveyancing outfit as opposed to a conveyancing solicitor in Shiremoor. We have lived in Shiremoor for many years we know of no issue. Do we contact our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same sickness)
I have justbeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Shiremoor for a purchase of a leasehold flat 10 months ago. How can I be sure that the property is registered correctly in the name of the former proprietor?
The quickest way to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Shiremoor conveyancing specialists.
I have recently realised that I have Seventy years remaining on my flat in Shiremoor. I now wish to get lease extension but my landlord is missing. What are my options?
On the basis that 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 extended by the Court. You will be obliged to prove that you have made all reasonable attempts to locate the lessor. In some cases an enquiry agent should be useful to try and locate and prepare a report which can be used as proof that the freeholder can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the application to the County Court overseeing Shiremoor.
I invested in buying a basement flat in Shiremoor, conveyancing was carried out January 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Shiremoor with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ends on 21st October 2103
With just 78 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.