I am selling my ground floor flat in Hatch End and the EA has just called to say that the purchasers are appointing a new solicitor. The excuse is that the lender will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to select for their conveyancing in Hatch End ?
Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
What does my ID and proof of funds have anything to do with my conveyancing in Hatch End? Is this really warranted?
Hatch End conveyancing solicitors as well as nationwide property lawyers throughout the UK have a duty under Anti-terror and anti-money-laundering rules to check the ID of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (usually a Passport or Driving Licence) and proof of address (typically a Utility Bill no more than three months).
Confirmation of source of funds is also necessary under the money laundering regulations as lawyers have a duty to investigate that the monies you are utilising to buy a property (be it the exchange deposit or the total purchase amount if you are buying without a mortgage) has originated from a reputable source (such as employment savings) as opposed to the product of criminal behaviour.
My uncle passed away six months ago and as sole heir and executor I was left the property in Hatch End. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
If you plan to re-mortgage then HSBC will require that you use a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
What does a local search tell me regarding the house my wife and I buying in Hatch End?
Hatch End conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Searchflow The local search plays a central role in most Hatch End conveyancing purchase; that is if you don’t want any nasty once you have moved into your new home. The search should supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I have been advised by a few property agents in Hatch End to get a quote from a property lawyer on your site. Is there a financial upside for Estate Agents to promote your site over another?
We don’t offer any financial incentive for sending work in our direction. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I've recently bought a leasehold property in Hatch End. Am I liable to pay service charges for periods before my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I have attempted and failed to negotiate with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Hatch End conveyancing firm to assist?
if there is a missing freeholder or where there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to assess the price payable.
An example of a Lease Extension decision for a Hatch End property is Flats 8, 11 and 15 Craigmore Court 46 Murray Road in December 2013. The tribunal held that the price payable by the Applicant tenant of Flat 8 to acquire an extended lease shall be £26,438 plus £1 to the intermediate lessee . The tribunal held that the price payable by the Applicant tenants of Flat 11 to acquire an extended lease shall be £26,791 plus £1 to the intermediate lessee. The tribunal held that the price payable by the Applicant tenant of Flat 15 to acquire an extended lease shall be £26,638 plus £1 to the intermediate lessee . This case affected 3 flats. The unexpired term was 71 years.