I am progressing with the sale of my maisonette in Ardwick and the EA has just e-mailed to say that the buyers are swapping solicitor. The reason given is that the mortgage company will only deal with property lawyers on their conveyancing panel. On what basis would a big named mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Ardwick ?
UK lenders have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Banks justify this action to a rise in fraud as the reason for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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. Your buyers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ardwick? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you need to sign should stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you are unwilling to hand over identification documents, your lawyer would not be able to act for you.
I'm spending time looking at flats in Ardwick and I am about to put in an offer. Is it advisable to have a conveyancing practitioner on ‘stand by’? I will be getting a home loan with Coventry BS.
It would be wise to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are taking out a mortgage with Coventry BS, ask your prospective lawyers if they are on the Coventry BS conveyancing panel otherwise they can't do the mortgage legal work.
I was told two weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Ardwick is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Virgin Money have agreed my mortgage in principle, my bid on a flat in Ardwick has been accepted, what are the next steps?
Your estate agent will want to be advised as to your lawyer's details (make sure the conveyancing practitioners are on the lender’s approved list). Telephone Virgin Money or the broker and finalise any outstanding paperwork. Virgin Money will appoint a valuer who will get in contact with the estate agent or seller to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. Virgin Money will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Ardwick.
Should my conveyancer be asking questions concerning flooding as part of the conveyancing in Ardwick.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Ardwick. There are those who buy a property in Ardwick, completely expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to impart advice on flood risk, but there are a numerous searches that can be carried out by the purchaser or by their solicitors which will give them a better understanding of the risks in Ardwick. The standard completed inquiry forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to find out whether the property has ever been flooded. In the event that the property has been flooded in past which is not revealed by the vendor, then a buyer may bring a compensation claim stemming from an incorrect reply. The buyer’s conveyancers may also order an enviro search. This will higlight whether there is a recorded flood risk. If so, additional inquiries should be initiated.
I have recently realised that I have Sixty One years left on my flat in Ardwick. I am keen to extend my lease but my freeholder is can not be found. 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 mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist should be useful to carry out a search and to produce an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer in relation to devolving into the landlord’s absence and the vesting order request to the County Court covering Ardwick.
I am the registered owner of a split level flat in Ardwick, conveyancing formalities finalised in 2000. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Ardwick with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease expires on 21st October 2084
You have 64 years remaining on your lease we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
My wife and I are disposing of a Ardwick flat we inherited ten years ago in 2010. I have over a decades worth of conveyancing knowledge and, now retired, wish to do my own legal work. The purchaser's conveyancing practitioner has informed me that their mortgage company will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Mortgage instructions to conveyancers from all mainstream lenders specify that If the vendor does not have legal representation the borrower's lawyers should check whether the lender needs to be notified so that a decision can be reached if they are prepared to move forward.