My husband and I are looking to buy a property in Earlestown and have appointed a Earlestown conveyancing firm. Within the past 48 hours our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Nationwide Building Society have this morning contacted us to advise us that there is now an issue as our Earlestown solicitor is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is standard for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Earlestown solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Due to move into my new home in Earlestown next Monday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the mortgage company. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 conditions. These obligations are not specific to conveyancing in Earlestown.
What does my ID and proof of funds have anything to do with my conveyancing in Earlestown? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Earlestown conveyancing firm will require proof of identity in all conveyancing transactions. This is normally satisfied by provision of a passport and an original bank statement or utility bill showing your correct address.
In accordance with Money Laundering Regulations, conveyancers are obliged by law to validate not only the ID of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will result in your conveyancer terminating their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to notify the appropriate authorities should they believe that any monies received by them may contravene the Money Laundering Regulations.
There are numerous conveyancing solicitors in Earlestown but how do I know who's good?
It would be unwise to be seduced by the lowest Earlestown conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I have paid off my mortgage with Aldermore. I assume I don't need a Earlestown conveyancing practitioner on the Aldermore panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I was told four weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Earlestown is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.
We are a couple of weeks into a freehold purchase having been directed to conveyancers by the high street agent to perform conveyancing in Earlestown. I am am starting to be disappointed with the level of service. Could you you assist me in finding new solicitors?
They would have to be very poor to suggest changing them. Has the mortgage been generated? If so you need to advise them of the new contact details and get the loan are re-sent. The solicitor ideally needs to be on the mortgage company approved list to avoid escalating charges and complications. That should be your first question of the new conveyancers. Our find a solicitor tool can help you find a bank approved lawyer for your home move in Earlestown
Estate agents have just been given the go-ahead to market my ground floor apartment in Earlestown. Conveyancing has not commenced, however I have just received a quarterly service charge invoice – what should I do?
The sensible thing to do is clear the invoice as usual given that all ground rent and maintenance payments should be allotted on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a 1st floor flat in Earlestown, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Earlestown with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2092
You have 66 years remaining on your lease we estimate the price of your lease extension to span between £11,400 and £13,200 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.