When can the exchange of contracts take place for sale conveyancing in Hackney and am I required to be at the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Hackney you are invited in to sign the paperwork. That being said, the firms we recommend offer a nationwide conveyancing service and give just as diligent and professional a job for you when communicating with you by post or email. The executing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the solicitor to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hackney)to be in the office available at the end of the phone to exchange contracts.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Hackney?
First, this is a very rare occurrence. 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 at a cost.
Have just purchased a repossessed house at auction in Hackney. Conveyancing is needed. What is next?
Having legally committed yourself to purchase you must hire the services of a conveyancing solicitor soon as you now have a fast approaching deadline in which to complete the transaction. All auction property should have a bespoke legal pack. This will include evidence of title and search results. In the case of leasehold premises the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds in place to complete on the date specified in the contract.
is it true that all Hackney conveyancing solicitors on the HSBC conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the HSBC approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do permit licenced conveyancers on their panel and in that case the organisation would be regulated by the Council of Licensed Conveyancers.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Hackney solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Hackney postcode. As you are getting a mortgage with Yorkshire BS, you could contact them to see if they have a list of approved surveyors in Hackney.
Are there restrictive covenants that are commonly identified as part of conveyancing in Hackney?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Hackney. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Hackney differ for new build properties?
Most buyers of new build residence in Hackney approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Hackney tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hackney or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Hackney is where the house is located. Can you offer any assistance?
Flying freeholds in Hackney are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hackney you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hackney may ascertain 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 residence.