My wife and I are intent on purchasing a maisonette in Stapleford. My Conveyancer has never been on on the bank solicitor list. Am I still permitted to retain my Stapleford conveyancing solicitor even though they are excluded from the lender approved list?
Various options include
- Complete the deal with your preferred Stapleford solicitor but your bank will need to retain a property lawyer on their conveyancing panel. This will result in additional charges together with potential interruption.
- Get a new property lawyer to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your solicitor to do everything possible to join the lender’s conveyancing panel
We previously instructed conveyancing lawyers based in Stapleford on the Bank of Ireland solicitor panel. They have just invoiced me a further charge for handling the Bank of Ireland mortgage. Is this a supplemental conveyancing fee set by Bank of Ireland?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your solicitor can levy a fee for this. The fee is not set by Bank of Ireland but by your Stapleford conveyancing practitioner. Plenty of firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee but plenty of practices incorporate it on their overall fee.
I am purchasing a property in Stapleford. A rare aspect is that the roof has a solar panel. Lloyds have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Lloyds your lawyer must comply with the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Lloyds where a lease fails to meet these conditions. The provisions relate to the installation of panels on properties nationwide and is not limited to Stapleford.
We were going to get a AIP from Lloyds this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Lloyds recommend any Stapleford solicitors on the Lloyds conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Stapleford solicitors independently although you'll need to choose one on the Lloyds conveyancing panel. The solicitor represents both you and Lloyds through the process.
Should our lawyer be making enquiries concerning flooding during the conveyancing in Stapleford.
Flooding is a growing risk for conveyancers dealing with homes in Stapleford. There are those who purchase a house in Stapleford, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Stapleford. The standard property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the owner to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not notified by the seller, then a buyer could commence a legal claim for losses as a result of such an misleading reply. A purchaser’s solicitors should also conduct an enviro report. This will disclose if there is any known flood risk. If so, more detailed inquiries should be carried out.
Due to the advice of my in-laws I had a survey completed on a house in Stapleford ahead of instructing solicitors. I have been advised that there is a flying freehold aspect to the house. My surveyor has said that some banks tend not grant a mortgage on such a premises.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stapleford. Conveyancing will be smoother if you use a solicitor in Stapleford especially if they are familiar with such properties in Stapleford.
Last February I purchased a leasehold flat in Stapleford. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a studio flat in Stapleford, conveyancing having been completed October 2003. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Stapleford with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2079
You have 54 years left to run the likely cost is going to be between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.
My lawyers in Stapleford have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a prescribed period?
Different lenders have different requirements but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the mortgage company Conveyancing Panel Terms. It might be worth you contacting the lender directly.