Is the fact that my solicitor in Hailsham is not on my mortgage company's solicitor panel that there is a problem with the quality of her conveyancing?
It would be unwise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should contact the Hailsham conveyancing firm and ask them why they are no longer on the approved list for your bank.
As someone unfamiliar with conveyancing in Hailsham what is the number one tip you can impart concerning the legal transfer of property in Hailsham
Not many law firms shout this from the rooftops but conveyancing in Hailsham or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is an abundance of room for friction between you and other parties involved in the legal transfer of property. For example, the seller, selling agent and even potentially a lender. Selecting a lawyer for your conveyancing in Hailsham should not be taken lightly as your conveyancer is your adviser, and is the ONE person in the transaction whose responsibility is to look after your best interests and to protect you.
We are witnessing a definite creep in the "blame" culture- someone has to be blamed for the process being so protracted. You should always trust your conveyancer ahead of all other parties in the conveyancing process.
Have just purchased a repossessed house at auction in Hailsham. Conveyancing is needed. What are my next steps?
Given that you are now to in every practical sense signed on the dotted line you should appoint a conveyancing practitioner soon as you are facing a pending a drop dead date to complete the purchase. An auction property will ordinarily have a corresponding legal pack. This will likely include evidence of title and search results. If you have purchased leasehold property the auction pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork specific to leasehold premises. You need to give this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in place to complete the transaction on the set completion date.
I have a mortgage with Virgin Money for my property in Hailsham. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Virgin Money must be informed of your intention in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Hailsham bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Hailsham conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Provided that the property lawyer is on the lender approved list, she or he must follow the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I'm buying my first flat in Hailsham with a loan from Nationwide Building Society. The developers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not reveal to my solicitor about this side-deal as it will affect my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
We're first time buyers - had an offer accepted, yet the estate agent told us that the owners will only proceed if we instruct the agent's recommended solicitors as they need an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Hailsham
It is improbable the owners are driving this. If they want ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make sure they understand (a)you are serious purchasers (b)you are ready to go, with finances in place © you do not need to sell (d) you intend to proceed fast (e)however you will continue to use your own,trusted Hailsham conveyancing firm - rather thanthose that will earn their negotiator at the agency a introducer fee or hit his conveyancing figures demanded by HQ.
I am looking at a two apartments in Hailsham which have approximately 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Hailsham. The lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the value of the lease reduces and it becomes more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
Hailsham Leasehold Conveyancing - Examples of Queries before buying
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The best form of lease structure is where the freehold title is owned by the leaseholders. In this scenario the lessees benefit from being in charge if their destiny and even though a managing agent is frequently retained where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Is anyone aware of any major works in the near future that could increase the maintenance charges? What is the maintenance charge and ground rent on the apartment?