I am selling my maisonette in Ely and the estate agent has just e-mailed to warn that the buyers are changing their property lawyer. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. Why would a big named lender only deal with certain law firms rather the firm that they want to select for their conveyancing in Ely ?
UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been narrowed 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 being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 sway in the decision.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ely? What am I being asked for?
Ely conveyancing solicitors as well as nationwide property practitioners accross the UK have an obligation under money laundering regulations to check the ID of any client with a view to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to produce two forms of certified identification; proof of identity (typically a Passport or Driving Licence) and proof of address (typically a Utility Bill less than 3 months old).
Proof of source of funds is also required under the money laundering laws as conveyancers are duty bound to ensure that the funds you are utilising to buy a property (whether it be the deposit for exchange or the full purchase monies where you are buying mortgage free) has originated from an acceptable source (such as an inheritance) and is not the product of criminal behaviour.
When it comes to lenders such as Lloyds, do Ely conveyancers incur a yearly amount to be on the conveyancing panel?
We are unaware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I have decided to exercise my right to buy my property in Ely off the council. I have a mortgage offer with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
After what feels like an age I have had an offer on an apartment in Ely agreed to, but there is a chain. The sellers have put an offer on a flat, but it’s not been accepted yet, and are looking at other apartments in the pipeline. I have chosen a local conveyancing solicitor in Ely. What do I do now? When should I get the mortgage application with Kent Reliance started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, Ely conveyancing search costs, etc). First, you must ensure that your property lawyer is on the Kent Reliance conveyancing panel. Regarding the next steps this very much depends on the uniqueness of your case, motivation for this property and on the state of the market. During a buoyant market many purchasers will apply for a home loan with Kent Reliance and arrange for the valuation and only if it was satisfactory would they pay their conveyancer to press on with searches.
I used Arc property Solicitors a few years ago for my conveyancing in Ely. Now, I need the documents however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Ely of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Ely is the location of the property. Can you offer any opinion?
Flying freeholds in Ely are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ely you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ely may determine 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 premises.
We expect to complete the sale of our £450,000 maisonette in Ely on Friday in a week. The management company has quoted £372 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Ely?
Ely conveyancing on leasehold apartments normally necessitates the buyer’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to address such questions the majority will be willing to do so. They are at liberty to invoice a reasonable administration fee for answering enquiries or supplying documentation. There is no set fee. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is in excess of £800. The administration charge demanded by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to sell the property.
I inherited a 2 bed flat in Ely, conveyancing having been completed 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Ely with an extended lease are worth £170,000. The ground rent is £50 charged once a year. The lease ceases on 21st October 2101
With just 78 years unexpired the likely cost is going to range between £7,600 and £8,800 as well as legals.
The figure that we have given is a general guide to costs for renewing 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 a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.