Due to complete my purchase in St Johns next Friday. I have now been asked to send a copy of my building insurance schedule by my solicitor as he says that he has to check this in his capacity as lawyer for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These requirements are not limited to conveyancing in St Johns.
We wanted to use a conveyancing solicitor in St Johns for our house purchase. Our financial adviser informed us that our mortgage lenders Yorkshire Building Society won't deal with them. Surely this is unfair competition?
Before the recession most mortgage companies had a different appetite for risk. Almost all St Johns conveyancing firms would have been on most mortgage company panels. The FSA in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders are increasingly seeing more information from law firms concerning their operations and their employees as well as set certain criteria such a completing on a minimum volume of transactions. Many St Johns conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. St Johns is amongst the hundreds of locations where the conveyancers we list are are authorised to act for Yorkshire Building Society.
I have decided to exercise my right to buy my property in St Johns off the council. I have a mortgage offer with Santander. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.
I recently had an offer accepted on an apartment in St Johns. My mortgage broker suggested a conveyancing practitioner. I paid an on account payment of £175. A couple of days later, the property lawyer contacted me embarrassingly acknowledging that they were not on the RBS 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 RBS 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.
After what feels like an age I have had an offer on an apartment in St Johns agreed to, but there is a chain. The vendors have offered on a flat, however it’s not yet agreed to, and have viewings of other flats booked. I have selected a local conveyancing solicitor in St Johns. What should be my next step? When do I get the mortgage application with Yorkshire BS started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of £1k, then valuation, St Johns conveyancing search fees, etc). The first course of action is to check that your solicitor is on the Yorkshire BS conveyancing panel. As to the next stages this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a hot market many home buyers would apply for a home loan with Yorkshire BS and pay for the valuation and only if it comes back ok would they ask their conveyancing practitioner to proceed with the conveyancing in St Johns.
I used Action Conveyancing a few years ago for my conveyancing in St Johns. Now, I need my files however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in St Johns of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
What are your top tips when it comes to appointing a St Johns conveyancing practice to deal with our lease extension?
If you are instructing a solicitor for lease extension works (regardless if they are a St Johns conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We advise that you make enquires with several firms including non St Johns conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions have they carried out in St Johns in the last twenty four months? What are the legal fees for lease extension work?
I have tried to negotiate informally with with my landlord to extend my lease without any joy. Can a leaseholder apply to the Leasehold Valuation Tribunal? Can you recommend a St Johns conveyancing firm to assist?
Most certainly. We can put you in touch with a St Johns conveyancing firm who can help.
An example of a Lease Extension case for a St Johns residence is 73 Walerand Road in August 2012. the result of the findings of the Tribunal led to a premium to be paid for the extended lease in respect of Flat 73 in the sum of £10,040. The premium applicable in respect of Flat 85 was £5,710. This case affected 2 flats. The remaining number of years on the lease was 72 years.
I bought a property in St Johns last 26/2/2019 and to date it is still not recorded with HMLR. It is part of a new estate and my conveyancer told me that it can take 12 months to register. I have called HMLR directly and they have informed me the original application was cancelled due to questions not being addressed in time. Do I need to be concerned?
It is your conveyancer that you should get in touch with in order to satisfy any questions which have been raised as part of the registration formalities for your St Johns property. Normal St Johns conveyancing practice includes an undertaking on the part of the previous owner’s conveyancer that they will help resolve any requirements raised by HMLR so it may be a case of seeking to enforce that undertaking in some way.