We are hoping to purchase a 1 bedroom flat in Elm Park with a mortgage. We have a Elm Park solicitor, but the bank advise she’s not on their "panel". It seems we have no choice but to instruct one of the bank panel solicitors or continue with our Elm Park conveyancing practitioner as well as pay for one of their panel ones to represent them. This feels very unfair; is there anything we can do?
No, not really. 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 Elm Park conveyancing solicitor to apply to be on the conveyancing panel.
We are getting a further advance on our mortgage from Virgin Money as we intend to conduct a loft conversion to our house in Elm Park. Are we obliged to select a bricks and mortar Elm Park solicitor on the Virgin Money conveyancing panel to deal with the paperwork?
Virgin Money don't usually instruct firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.
I am buying a property in Elm Park. A rare aspect is that the roof has a solar panel. TSB have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is TSB your lawyer must check the conveyancing requirements contained in Part 2 of UK Finance Lenders’ Handbook for TSB. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to TSB where a lease fails to comply with these requirements. The provisions relate to the installation of panels on properties countrywide and is not limited to Elm Park.
My wife and I are in the process of looking at houses in Elm Park and I am now considering a potential offer. Is it premature to have a solicitor in place? I will be getting a mortgage with Bank of Ireland.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.
Should my conveyancer be raising questions regarding flooding during the conveyancing in Elm Park.
Flooding is a growing risk for conveyancers specialising in conveyancing in Elm Park. There are those who buy a property in Elm Park, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a various checks that can be initiated by the buyer or by their solicitors which will give them a better understanding of the risks in Elm Park. The conventional set of completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to determine if the premises has ever been flooded. If the premises has been flooded in past and is not revealed by the owner, then a buyer may commence a claim for damages as a result of such an misleading answer. The buyer’s lawyers should also carry out an environmental report. This should indicate whether there is any known flood risk. If so, more detailed investigations should be initiated.
Due to the input of my in-laws I had a survey completed on a house in Elm Park ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies may refuse to grant a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Elm Park. Conveyancing will be smoother if you use a solicitor in Elm Park especially if they regularly deal with such properties in Elm Park.
My partner has recommend that I instruct his conveyancers in Elm Park. Should I choose my own property lawyer?
No doubt the ideal way to select a conveyancing practitioner is to have guidance from friends or family who have experience in using the firm you're are thinking of instructing.
Can you provide any top tips for leasehold conveyancing in Elm Park from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Elm Park can be avoided where you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ representatives. The majority of freeholders or Management Companies in Elm Park charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the actual amount of the charges. The management pack sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Elm Park. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Elm Park state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord acquiescing to such changes. If you dont have the approvals in place you should not contact the landlord without checking with your lawyer before hand. You believe that you know the number of years remaining on your lease but it would be wise to double-check by asking your conveyancers. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
My wife and I have hit a brick wall in trying to purchase the freehold in Elm Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We can put you in touch with a Elm Park conveyancing firm who can help.
An example of a Lease Extension case for a Elm Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case affected 1 flat. The unexpired residue of the current lease was 57.5 years.