I am not well enough to travel far from Shadwell. Is there a reason why all Shadwell solicitors are not on all mortgage company panels?
A decade ago most banks displayed an approach to risk which differs from the current day. The financial regulator in 2010 carried out a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, mortgage companies have subsequently looked to extract more information from law firms concerning their operations and the individuals employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of volume of transactions the lenders set.
What happens if my solicitor is removed from the UBS Solicitor panel ahead of completing my conveyancing in Shadwell?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I'm the only beneficiary of my late grandmother’s estate and I have everything in my name alone, including the my former home in Shadwell. The Shadwell property was put into my name in March. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship may be treated the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. Most lenders would take a practical view as this requirement is chiefly there to capture the purchase and immediately sell or the quick reselling of property.
My wife and I have arranged the release of further monies on our mortgage from HSBC as we wish to conduct improvements to our house in Shadwell. Do we need to choose a bricks and mortar Shadwell solicitor on the HSBC conveyancing panel to handle the legals?
HSBC would not normally 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 HSBC list.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Shadwell solicitor - who is on the Co-operative conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Co-operative will need an independent valuation of the property. Your lawyer will not arrange this. Usually Co-operative will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Shadwell surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My cousin has encouraged me to use his conveyancing solicitors in Shadwell. Should I choose my own solicitor?
There are no two ways about it the ideal way to find a conveyancing lawyer is to have guidance from friends or relatives who have experience in using the solicitor that you are contemplating using.
I am hoping to complete next month on a garden flat in Shadwell. Conveyancing solicitors have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Shadwell should include some of the following:
Additions to the premises Will you be prohibited or prevented from having pets in the property? An explanation as to the provision in the lease to pay service charges - in relation to the building, and the wider rights a leaseholder enjoys The physical ownership of the demise. This will be the apartment itself but might incorporate a loft or cellar if relevant.
Following months of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Shadwell. Can we issue an application to the Residential Property Tribunal Service?
You certainly can. We can put you in touch with a Shadwell conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Shadwell property is 12, 14 & 16 Hull Close in May 2010. the Tribunal determined that the premium payable for the acquisition of the freehold to the subject premises was the sum of £18,300 This case was in relation to 3 flats. The unexpired term as at the valuation date was 101.61 years.
Do online conveyancing companies do everything a high street Shadwell solicitor does or must I employ a solicitor for the final stages for my conveyancing in Shadwell?
If you use an online conveyancer they should cover all the tasks your Shadwell solicitor will cover.