My fiance and I are planning to purchase a flat in Middleton St George and have instructed a Middleton St George conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that they have now hit a problem as our Middleton St George lawyer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Middleton St George solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Middleton St George. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is willing to move forward 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 mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company 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 property lawyer will have no choice but to discontinue acting for you.
In what way does my ID and proof of funds have anything to do with my conveyancing in Middleton St George? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Middleton St George. However these days you will not be able to proceed with any conveyancing transaction in the absence providing proof of your identity. This usually takes the form of a either your passport or driving licence as well as a utility bill. Please note that if you are supplying your driving licence as evidence of ID it needs to be both the paper section as well as the photo card part, one is not satisfactory in the absence of the other.
Evidence of the origin of funds is required in accordance with the Money Laundering Regulations. You should not be offended when you are asked to produce this as your lawyer will need to have this information on record. Your Middleton St George conveyancing practitioner will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they should also ask further queries regarding the source of funds.
Have just purchased a probate house at auction in Middleton St George. Conveyancing is necessary. What is next?
Having legally committed yourself to purchase you now have to find a conveyancing lawyer quickly as you are faced with a pending deadline in which to complete the deal. An auction property should have a bespoke legal pack. This will include evidence of title and search results. If you have purchased leasehold property the conveyancing papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should pass this on to the conveyancer instructed by you as soon as possible. You also need to ensure that your finances are organised to complete the transaction on the set completion date.
I am purchasing a property in Middleton St George. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that your lender is Yorkshire BS your lawyer must check the conveyancing instructions set out in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Yorkshire BS where a lease fails to meet these requirements. The conditions relate to the installation of panels on properties countrywide and is not isolated to Middleton St George.
My fiancee and I are in the process of viewing flats in Middleton St George and I am now considering a potential offer. Is it advisable to have my property lawyer on ‘stand by’? I will be getting a mortgage with HSBC.
You should start requesting conveyancing estimates 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 pass their contact information on to the selling agent. Given that you are taking out a mortgage with HSBC, ask your prospective lawyers if they are on the HSBC conveyancing panel otherwise they can't do the mortgage legal work.
I am intending to rent out my leasehold apartment in Middleton St George. Conveyancing solicitor who did the purchase is retired - so can't ask her. Do I need to ask my freeholder for their consent?
Even though your previous Middleton St George conveyancing solicitor is not available you can review your lease to see if you are permitted to let out the property. The accepted inference is that if the deeds are silent, subletting is permitted. There may be a precondition that you are obliged to obtain permission from your landlord or some other party prior to subletting. This means that you cannot sublet without first obtaining consent. Such consent must not not be unreasonably withheld. If your lease does not allow you to sublet you should ask your landlord for their consent.
I own a garden flat in Middleton St George, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Equivalent properties in Middleton St George with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 yearly. The lease finishes on 21st October 2099
With only 76 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.