My husband and I are acquiring a newly constructed flat in Edge Hill and my conveyancer is telling me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What happens if my lawyer’s firm is suspended from the Co-operative Solicitor panel ahead of completing my conveyancing in Edge Hill?
First, this is very unlikely to happen. 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.
When it comes to lenders such as Nottingham, do Edge Hill property lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any lender fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
I have a mortgage with Yorkshire BS for my property in Edge Hill. Conveyancing has been completed months ago. In the event that I decide 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 Yorkshire BS?
You must advise Yorkshire BS prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel lawyer.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Edge Hill bank branch on various occasions and was advised it wasn't an issue and they will lend. My Edge Hill conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they would not lend based on their published requirements. Who do I believe?
Your conveyancing practitioner has to follow the CML Handbook Part 2 specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What will a local search reveal about the property we're purchasing in Edge Hill?
Edge Hill conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays a central part in many a Edge Hill conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Edge Hill is where the house is located. What do you suggest?
Flying freeholds in Edge Hill are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Edge Hill you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Edge Hill may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Is there a reason that Edge Hill conveyancing charges differ for leasehold and freehold properties?
There is always more work involved in leasehold conveyancing. Edge Hill has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.