I am one month into the sale of my apartment in Hulme and the EA has just e-mailed to advise that the buyers are swapping property lawyer. The excuse is that the lender will only work with solicitors on their conveyancing panel. Why would a major lender only deal with specific solicitors rather the firm that they want to select to handle their conveyancing in Hulme ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Banks point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 hearing daily from firms that have been removed from panels. Some 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. The buyers are not going to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Hulme? What am I being asked for?
It is indeed that case that the requirement set out by your lawyer has nothing to do with conveyancing in Hulme. However these days you can not proceed with any conveyancing deal in the absence supplying evidence of your identity. This usually takes the form of a either your passport or driving licence and a utility bill. Please note that if you are supplying your driving licence as evidence of identification it needs to be both the paper element as well as the photo card part, one is not sufficient without the other.
Verification of your source of monies is necessary in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your conveyancer must retain this information on record. Your Hulme conveyancing practitioner will require evidence of proof of funds prior to accepting any money from you into their client account and they may also ask further queries regarding the source of funds.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Hulme?
There are two types of lawyers who can execute conveyancing in Hulme namely CLC regulated conveyancers or solicitors. Both professionals handle the legal services that required to complete the disposal or acquisition of property. Both are obliged to conduct Hulme conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that the requisite procedures will be suitably taken.
My solicitor has informed me that restrictive coveneant insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Hulme?
The right level of restrictive coveneant indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Virgin Money. Conveyancing lawyers as opposed to borrowers take out such policies.
After months of negotiation I have agreed a price on an apartment in Hulme. My financial adviser recommended their conveyancers. I paid an upfront payment of £200. Not long after, the lawyer contacted me sheepishly admitting that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
The deeds to our home are lost. The solicitors who handled the conveyancing in Hulme 5 years ago no longer exist. What are my options?
Gone are the days when you need to have the physical deeds to evidence that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
About to purchase a new build flat in Hulme. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hulme
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are surveyor prepared. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants.
I have recently realised that I have Sixty One years left on my lease in Hulme. I need to get lease extension but my landlord is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to demonstrate that you have done all that could be expected to find the freeholder. For most situations an enquiry agent should be helpful to carry out a search and prepare an expert document to be used as proof that the landlord can not be located. It is wise to seek advice from a solicitor both on devolving into the landlord’s disappearance and the vesting order request to the County Court covering Hulme.
I acquired a basement flat in Hulme, conveyancing formalities finalised September 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Hulme with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2095
With 74 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.