My conveyancer has uncovered a defect with the lease for the apartment we are buying in Stepney. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the lender are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
we are a couple who are hoping to buy a purpose built apartment in Stepney with a mortgage from HSBC Bank.We use our Stepney conveyancing solicitor but HSBC Bank informed us he's not listed on their "panel". we are left little option but to use a HSBC Bank panel solicitor or retain our high street solicitor and pay for a HSBC Bank panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, one of which will be that solicitors will be on the HSBC Bank approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
We are purchasing a end of terrace house in Stepney. Our aim is to carry out a loft conversion at the property.Will the conveyancing process include checks to see if these alterations were previously refused?
Your conveyancer will check the deeds as conveyancing in Stepney can occasionally identify restrictions in the title documents which prohibit certain works or need the permission of another owner. Certain additions call for local authority planning consent and approval under the building regulations. Certain locations are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these issues with a surveyor prior to committing yourself to a purchase.
Is it the case that all Stepney CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved practices?
Some major lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their approved list of conveyancing solicitors.
Can you point me to a directory of Co-operative panel conveyancers in Stepney on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. Very few banks make their panel listings available online. If you are looking for a Stepney property lawyer on the Co-operative please use our facility.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Stepney is where the house is located. Is there any guidance you can impart?
Flying freeholds in Stepney are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stepney you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stepney may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What are your top tips when it comes to finding a Stepney conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Stepney conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Stepney conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be of use:
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How experienced is the firm with lease extension legislation? What are the charges for lease extension work?
I inherited a second floor flat in Stepney. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the amount due for a lease extension?
Most certainly. We are happy to put you in touch with a Stepney conveyancing firm who can help.
An example of a Freehold Enfranchisement decision for a Stepney 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 related to 3 flats. The unexpired lease term was 101.61 years.
Partway through the sale of a leasehold flat in Stepney. Conveyancing is fine but we are being charged a fortune from the landlord. To date we have paid £295.50 for a leasehold management pack and then a further £134.40 for responses to questions raised by the buyers property lawyer.
Neither you or your conveyancing practitioner will have any sway over the level of the fee for this information but the average fee for the information for Stepney leasehold premises is £380. For Stepney conveyancing deals it is customary for the owner to cover the charges. The freeholder or their agents are not duty bound to address such questions most will be content to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Regretfully there is no law that mandates set fees for administrative tasks. There is no statutory time limit by which they are duty bound to issue answers.