My husband and I are approaching an exchange on a house in St Giles and my parents have sent the 10% deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my conveyancer needs to make a notification to my lender. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is coming from anyone other than me. I disclosed to the mortgage company about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The conveyancing practitioner is duty bound to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only notify this to your bank if you permit them to, failing which, your lawyer must cease to continue acting.
Do the Building Society Association intend to launch a online directory to to identify law firms on the Loughborough BS conveyancing panel for instance in St Giles?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
This question may be naive but I am unexperienced as a first time purchaser of a two bedroom flat in St Giles. Do I collect the keys to the property on the completion date from my conveyancer? If so, I will instruct a local conveyancing solicitor in St Giles?
On the day of completion you do not need to go to the conveyancers office in St Giles. Your solicitors will electronically transfer the completion advance to the owner’s lawyers, and once they have received this, you should be called to pick up the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
Is it correct that all St Giles CQS (Conveyancing Quality Scheme) solicitors are on the Co-operative conveyancing panel?
Some major banks and building societies now utilise the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their panels.
We have a mortgage agreed in principle with Virgin Money. St Giles conveyancing lawyers were chosen. How long does it take for Virgin Money to send the offer to the conveyancer?
Some lenders take longer than others. Have Virgin Money conducted the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
How does conveyancing in St Giles differ for newly converted properties?
Most buyers of new build premises in St Giles come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in St Giles typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in St Giles or who has acted in the same development.
I am looking at a couple of maisonettes in St Giles which have approximately 50 years remaining on the lease term. Do I need to be concerned?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
I have had difficulty in trying to purchase the freehold in St Giles. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Most definitely. We can put you in touch with a St Giles conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a St Giles flat is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired term as at the valuation date was 66.8 years.
How much should conveyancing in St Giles cost?
The amount you are levied for conveyancing in St Giles are likely to be calculated at:
- a set amount; or
- an hourly rate (i.e. the time spent on the particular case).
In reality you seldom hear of St Giles conveyancing companies charge by the clock