My husband and I are purchasing a 2 bedroom flat in Ely with a mortgage. We like our Ely solicitor, however the bank says she’s not on their "panel". It appears that we have little option but to use one of the mortgage company panel firms or retain our Ely lawyer and pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Ely conveyancing solicitor to apply to be on the conveyancing panel.
Me and my partner are buying our first home. Our conveyancing practitioner has messagedto ask if we want to order supplemental conveyancing searches. Frankly we have no idea as to what's recommended for conveyancing in Ely
The scope of Ely conveyancing searches should be triggered based entirely on the property, the location, the probability of any of these risks, your knowledge of the locality and risks, your overall attitude to risk. What matters is that you adequately comprehend what information the searches could provide. You may then decide if you consider that you need that search. Where you are uncertain, ask your property lawyer to guide you.
Me and my partner are buying a house in Ely. I might seem paranoid but how we can trust a lawyer? On completion day we will need to send money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Is there a list of Lloyds panel conveyancers in Ely on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings available online. Where you are seeking to appoint a Ely solicitor on the Lloyds please use our tool.
I'm in the process of looking at flats in Ely and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I am planning to take a mortgage with HSBC.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are taking out a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I am looking into buying my first house which is in Ely and I am already nervous. I couldn't find anything specific about Ely. Conveyancing will be needed in due course but do you know about the Ely area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Ely. In the meantime here are some basic statistics that we found
Can you provide any top tips for leasehold conveyancing in Ely with the intention of expediting the sale process?
- Much of the delay in leasehold conveyancing in Ely can be bypassed if you get in touch lawyers the minute you market your property and request that they start to put together the leasehold information which will be required by the buyers’ solicitors. A minority of Ely leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Arranging a new share certificate is often a time consuming process and delays many a Ely conveyancing deal. If a new share is required, do contact the company officers or managing agents (where applicable) for this sooner rather than later. You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the lease term is below 80 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale.
I own a split level flat in Ely, conveyancing having been completed in 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Ely with an extended lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2089
With just 69 years unexpired the likely cost is going to range between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.