I am hoping to receive a mortgage offer from Nat West. I would like to retain the legal services of a Licensed Conveyancer in Delabole. Does the Nat West Solicitor panel include conveyancers regulated by the CLC?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
My partner and I are only a couple days away from an exchange on a property in Delabole and my parents have transferred the exchange deposit to my conveyancing practitioner. I am now advised that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my mortgage company. 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 bank concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?
The conveyancing practitioner is legally required to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
It is 10 years ago since I acquired my home in Delabole. Conveyancing lawyers have recently been retained on the sale but I can't track down my title deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be retained by your lender or they may still be with the lawyers who acted in the purchase. Secondly in all probability the title will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers acquiring current official copies of the land registers. Most conveyancing in Delabole relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
Please explain the implications if my solicitor is suspended from the Co-operative Conveyancing panel ahead of completing my conveyancing in Delabole?
The first thing to point out is that, 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 want to sublet my leasehold apartment in Delabole. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Some leases for properties in Delabole do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
I inherited a basement flat in Delabole, conveyancing was carried out 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Delabole with a long lease are worth £185,000. The ground rent is £65 per annum. The lease runs out on 21st October 2083
You have 60 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.