We are purchasing a 2 bedroom flat in Suffolk with a mortgage. We have a Suffolk lawyer, however the lender says she’s not on their "panel". It seems we have no choice but to select one of the bank panel conveyancing practices or retain our Suffolk solicitor as well as pay for one of their panel lawyers to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Suffolk conveyancing lawyer to apply to be on the conveyancing panel.
My flat in Suffolk is up for sale and I have a buyer. Will the conveyancer have to be required to be on the Co-operative conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Co-operative conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
Are all Suffolk Conveyancing Quality Solicitors on the Principality conveyancing list of approved firms?
A selection of banks and building societies now make use of CQS as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
The mortgage over my property is with Kent Reliance for my property in Suffolk. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Kent Reliance?
You must advise Kent Reliance before renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel firm.
I was told two weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Suffolk is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Are there restrictive covenants that are commonly picked up during conveyancing in Suffolk?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Suffolk. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I need to retain a conveyancing solicitor for leasehold conveyancing in Suffolk. I've discover a web site which looks to be the perfect answer If there is a chance to get all the legals done via phone that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am a negotiator for a long established estate agent office in Suffolk where we have experienced a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Suffolk conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Suffolk Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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How much is the service charge and ground rent on the flat? The prefered form of lease structure is where the freehold reversion is owned by the leaseholders. In this arrangement the leaseholders enjoy control and even though a managing agent is frequently employed if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. For most Suffolk leaseholds the cost for major works tend not to be incorporated into the service charges, albeit that a few managing agents in Suffolk obliged leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for major works.