The property market in Hathern is heating up. What can be done to speed up the legal process?
Where the seller is applying pressure to complete we would recommend that your solicitor is familiar with the area as they will benefit local relationships and insight. It is possible that they could have handled previousproperties in the same neighbourhood. Therefore consider using a Hathern conveyancing solicitor. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is understood that 18% of Hathern conveyancing deals are delayed or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s list of approved solicitors. This can often result in the home move being delayed by as much as three weeks. It is claimed that this issue impacts approximately 100,000 home sales annually. Almost all Hathern conveyancing practices can not represent certain lenders so do check at the outset.
Are there restrictive covenants that are commonly identified during conveyancing in Hathern?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Hathern. 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…’
I decided to have a survey carried out on a property in Hathern in advance of appointing lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some banks may not grant a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hathern. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I right to be concerned by estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a local Hathern conveyancing company?
As is the case with many professional services, often input from family and friends can be most helpful. But there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend conveyancers to retain. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You are at liberty to appoint your own conveyancer. Don't forget that many lenders operate an approved list of conveyancers you have to use for the mortgage related work in your transaction.
I am a negotiator for a reputable estate agency in Hathern where we have experienced a few flat sales put at risk due to leases having less than 80 years remaining. I have received contradictory information from local Hathern conveyancing solicitors. Please can you clarify whether the seller of a flat can instigate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Hathern - Sample of Questions you should ask Prior to buying
-
Is anyone aware of any major works in the near future that will likely increase the service charges? How long is the Lease?
Some weeks ago I was advised by my mortgage company that their panel conveyancers work on no completion no charge basis for conveyancing in Hathern. Our purchase fell through nevertheless the solicitors have requested search fees! They say the fees are independent!
Hathern conveyancing search costs are separate expenses not legal fees as these are due to independent parties.