Me and my partner are buying a 1 bedroom apartment in Hadley Wood with a mortgage. We have a Hadley Wood lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the lender panel firms or continue with our Hadley Wood solicitor as well as pay for one of their panel firms to represent them. We regard this is unjust; are we not able to require that the lender use our Hadley Wood conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you 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 Hadley Wood conveyancing lawyer to apply to be on the conveyancing panel.
My lawyer has discovered a a legal deficiency with the lease for the apartment we are buying in Hadley Wood. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must check that the lender is content with this solution. Are we the client or is the bank?
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 conveyancer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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.
is it true that all Hadley Wood solicitor firms on the RBS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the RBS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many banks do permit licenced conveyancers on their panel and in that case the organisation would be regulated by the Council of Licensed Conveyancers.
Last month we had a mortgage agreed in principle with Yorkshire BS. Hadley Wood conveyancing lawyers were instructed. How long does it take for Yorkshire BS to forward the offer to the solicitor?
There is no definitive answer here. Have Yorkshire BS conducted the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
UBS have agreed my home loan in principle, my offer on a property in Hadley Wood has been agreed to, what happens next?
Your property agent will want to know who your solicitors are (be sure the conveyancing practitioners are on the lender’s approved list). Call up UBS or the broker and finish off any outstanding forms. UBS will instruct a valuer who will get in touch with the estate agent or owners to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. UBS will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hadley Wood.
How does conveyancing in Hadley Wood differ for newly converted properties?
Most buyers of new build premises in Hadley Wood come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because developers in Hadley Wood typically acquire the site, 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 property lawyers 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 Hadley Wood or who has acted in the same development.
I've found a house that appears to be perfect, at a great figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are particular concerns buying a leasehold house in Hadley Wood. Conveyancing lawyers have are about to be instructed. Will my lawyers set out the risks of buying a leasehold house in Hadley Wood ?
The majority of houses in Hadley Wood are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Hadley Wood in which case you should be looking for a Hadley Wood conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will report to you on the legal implications.
Following years of correspondence we cannot agree with our landlord on how much the lease extension should cost for our flat in Hadley Wood. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Absolutely. We are happy to put you in touch with a Hadley Wood conveyancing firm who can help.
An example of a Lease Extension decision for a Hadley Wood flat is Flat 2 2 Netherfield Road in April 2010. The Tribunale held that premium payable for a 90 year extension to the existing Lease should be £7,705. This case was in relation to 1 flat. The unexpired residue of the current lease was 76 years.
At what stage do I pay stamp duty chargeable for my Hadley Wood property purchase?
The majority of conveyancing practitioners tend to complete a Land Transaction Return Form on your behalf during your Hadley Wood conveyancing transaction for signature. On completion your conveyancer will submit your STL application to the Tax Authorities and - as long as they have the funds - discharge any Stamp Duty liability on your behalf.