We are planning to acquire a 2 bedroom flat in Hampshire with a mortgage. We have a Hampshire solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the lender panel conveyancing practices or keep our Hampshire conveyancer as well as pay for one of their panel ones to act for them. This feels very unfair; are we not able to insist that the mortgage company use our Hampshire conveyancing practitioner ?
No, not really. 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. A further alternative is for your Hampshire conveyancing lawyer to apply to be on the conveyancing panel.
My wife and I are nearing an exchange on a flat in Hampshire and my parents have transferred the exchange deposit to my conveyancer. I am now advised that as the deposit has not arrived from me my conveyancer needs to make a notification to my bank. I am advised that, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I advised the mortgage company regarding my parents' contribution when I applied for the mortgage, so is it really necessary for him to raise this?
Your conveyancer is duty bound to check with lender to make sure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only report this to your lender if you permit them to, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hampshire? Is this really necessary?
Hampshire conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to verify the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients will need to produce two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill no older than three months).
Proof of the origin of monies is also necessary in compliance with the money laundering laws as lawyers are required to ensure that the monies you are utilising to purchase a property (be it the exchange deposit or the total purchase monies if you are buying mortgage free) has come from a reputable source (such as employment savings) as opposed to the product of illegitimate activity.
I have a decision in principle. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel lawyer as I would much rather use a Hampshire based conveyancing firm?
Do check but the chances are that give you one of their panel solicitors should you take up the "fee-free" deal. Speak to the lender to ask if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor near Hampshire.
I need to find a conveyancing solicitor for residential conveyancing in Hampshire. I have discover a site which appears to be the perfect offering If it is possible to get all the legals done via phone that would be preferable. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that seems to be perfect, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Hampshire. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Hampshire are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Hampshire in which case you should be looking for a Hampshire conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a contribution towards the upkeep of the communal areas where the house is located on an estate. Your solicitor will appraise you on the various issues.
Hampshire Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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Best to be warned whether fixing the lift or some other significant cost is coming up to be shared amongst the leasehold owners and will materially increase the the maintenance costs or necessitate a one time invoice. In the main the cost for major works tend not to be incorporated into the maintenance charges, although there some managing agents in Hampshire ask leaseholders to pay into a reserve fund and this is used to offset against major repairs or maintenance. Is the freehold owned collectively by the tenants?