Much to our surprise we have been notified by our lender that my Soho solicitor is not on the mortgage company Conveyancing panel. How can I be certain that this is indeed the case?
Your first step should be to contact your Soho conveyancer. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
I am soon to exchange on the purchase of a property in Soho but as a consequence of wreckage from some water damage at the property I have managed to agree compensation from the current proprietors of six thousand pounds by way of a adjustment in the price. I had intended this to be addressed as part of amending the contract yet UBS will not permit this. Should they have been approached?
Any property lawyer that is on the UBS approved list is obliged to advise UBS of any amendments to the sale price. If you were to refuse your property lawyer to disclose the price change to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new conveyancer for your conveyancing in Soho.
If you had a top tip for choosing a conveyancing solicitor in Soho what would it be?
It would be unwise to be seduced by the lowest Soho conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
When it comes to lenders such as Kent Reliance, do Soho property lawyers face a yearly amount to be on the list of approved solicitors?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Soho bank branch on numerous occasions and was told they are content with the situation and they will lend. My Soho conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner has to follow the CML Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Will my conveyancer be making enquiries about flooding as part of the conveyancing in Soho.
Flooding is a growing risk for conveyancers conducting conveyancing in Soho. Some people will buy a house in Soho, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a numerous searches that can be initiated by the buyer or on a buyer’s behalf which will figure out the risks in Soho. The conventional set of completed inquiry forms sent to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the seller to discover whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser could commence a claim for damages as a result of such an inaccurate reply. The buyer’s conveyancers may also order an enviro report. This will reveal whether there is any known flood risk. If so, further investigations should be conducted.
I have been on the look out for a flat up to £245,000 and identified one near me in Soho I like with a park and railway links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Soho in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.
I need to instruct a conveyancing solicitor in Soho for my purchase. Is there any facility to review a firm’s record with the profession’s regulator?
You may see presented Solicitor Regulator Association (SRA) decisions resulting from investigations from 2008 onwards. Go to Check a solicitor's record. To find information Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator could monitor call for training requirements.