In what way does my ID and proof of funds have anything to do with my conveyancing in Hampshire? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identification documents of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you need to sign will no doubt stipulate this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Where you refuse to supply identification documents, your solicitor can not take you on as a client.
My house in Hampshire is up for sale and I have a buyer. Will my solicitor have to be on the Leeds Building Society conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Leeds Building Society conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
Is it correct that all Hampshire CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved practices?
Some major lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of firms.
Last month we had a mortgage agreed in principle with Kent Reliance. Hampshire conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Kent Reliance?
Some lenders take longer than others. Have Kent Reliance done the survey? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I recently had an offer agreed on a house in Hampshire. My financial adviser recommended their conveyancers. I paid an upfront payment of £175. A few days later, the lawyer contacted me to say that they were not on the Principality conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Principality panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Hampshire?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Hampshire. 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…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Hampshire I like with open areas and railway links in the vicinity, however it only has 61 years on the lease. I can't really find anything else in Hampshire in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
What makes a Hampshire lease defective?
Leasehold conveyancing in Hampshire is not unique. Most leases are individual and drafting errors can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Repairing obligations to or maintain parts of the building
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Aldermore all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I purchased a basement flat in Hampshire, conveyancing was carried out October 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Hampshire with an extended lease are worth £202,000. The ground rent is £60 per annum. The lease ends on 21st October 2082
With just 57 years left to run we estimate the price of your lease extension to be between £28,500 and £33,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.