Is the fact that my conveyancer in Ely is not on my bank's conveyancing panel that there is a problem with the quality of the firm’s work?
It would be unwise to jump to that conclusion. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Ely conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.
We are purchasing a flat in Ely. It might be a silly question but how we can trust a conveyancer? On completion day we will need to deposit money into their account. What is the protection we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
We have agreed to purchase a house in Ely. One unusual aspect is that the roof has a solar panel. Lloyds 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 you are obtaining a mortgage with Lloyds your lawyer must comply with the conveyancing instructions outlined in Part 2 of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook sets out minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Lloyds where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties countrywide and is not limited to Ely.
It is unclear whether my bank requires a lease extension. I have called into my local Ely bank branch on various occasions and was told they are content with the situation and they would lend. My Ely conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your lawyer must comply with the Council of Mortgage Lenders’ Handbook section two requirements 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Just acquired a semi-detached house in Ely , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Ely conveyancing solicitor works at snail pace, so I want to be sure that my ownership is registered.
There is nothing unique about conveyancing in Ely registration formalities. As opposed to being determined by geographic area, timeframes can differ according to the party submitting the application, whether there are errors and whether the Land registry have to notify any third persons or bodies. Currently in the region of three quarters of such applications are completed within two weeks but some can be subject to longer hold-ups. Registration takes place after the buyer has moved in to the premises so post completion formalities is not typically an essential issue yet where there is a degree of urgency associated with the registration then you or your lawyers must speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Ely I like with amenity areas and transport links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Ely for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I'm refinancing my existing home to a BTL loan with Santander and I will use the rest of the raised equity towards a second property. The neighborhood we are interested in is Ely. Will your solicitors be able to act for the two banks and link together the conveyances?
Make use of our search tool on this page to be sure that the solicitors are on the relevant lender panels. Assuming that they are your lawyer will be able to simultaneously deal with the two deals but you should talk with you conveyancer and specify your expectations and requirements.
Do I need to pop into the offices of the mortgage company conveyancing panel solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Ely as it will be easier to attend their offices if necessary.
Most conveyancing panel lawyers for the bank undertake all of the work via the post, internet or over the phone. This means that they can undertake your Conveyancing Transaction no matter where you live in England or Wales. YOu dont have to use a conveyancing solicitor in Ely. it would nevertheless be wise to check if you can still book an appointment to go into appointed conveyancing lawyer if you prefer.