My husband and I are planning to acquire a flat in Frogmore and have instructed a Frogmore conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Coventry Building Society have this evening contacted us to inform me that they have now hit a problem as our Frogmore solicitor is not on their approved list of lawyers. Please explain?
Where you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors to also act for 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 Accreditation Scheme. Your property lawyer should contact your mortgage company 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 lender’s conveyancing panel as you are at liberty to use your preferred Frogmore lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Some advice if I may. My Frogmore solicitor is advising me that she is duty bound toorder Frogmore conveyancing searches becausethe firm are on the Virgin Moneyapproved lawyer panel. These Frogmore searches cost a lot of money can this be avoided?
You have limited options available to you. As you are taking a home loan with a bank your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Frogmore conveyancing searches.
I am in the process of refinancing my flat in Frogmore, does my lawyer have to be on the Barclays Solicitor panel?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
I opted to have a survey carried out on a house in Frogmore ahead of appointing lawyers. I have been advised that there is a flying freehold element to the house. Our surveyor advised that some banks tend refuse to give a loan on such a house.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Frogmore. Conveyancing may be slightly more expensive based on your lender's requirements.
I've recently bought a leasehold flat in Frogmore. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a leasehold flat in Frogmore, conveyancing having been completed 7 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Frogmore with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease expires on 21st October 2084
You have 59 years left to run we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as plus your own and the landlord's "reasonable" professional fees.
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 detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
I am buying a flat and cash is in place. My solicitor has been handed with two distinct evidence of photographic identification, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer advising that the money is in place and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Frogmore conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.