My partner and I are looking to buy a home in Heathfield and have instructed a Heathfield conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. HSBC Bank have this evening contacted us to inform me that they have now hit a problem as our Heathfield conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Heathfield solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
My wife and I are purchasing a newly built duplex in Heathfield and my conveyancer is telling me that she is duty bound to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
we are a couple who are hoping to buy a 3 bedroom apartment in Heathfield with a loan from Coventry Building Society.We use our Heathfield conveyancing solicitor but Coventry Building Society says she’s not on their "panel". We have to appoint a Coventry Building Society panel firm or retain our local solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Coventry Building Society use our lawyer?
No, not really. The mortgage issued to you is subject to its terms and conditions, a common one being that solicitors will be on the Coventry Building Society approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Coventry Building Society
I used Action Conveyancing several years ago for my conveyancing in Heathfield. Now, I need the files but cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Heathfield of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Due to the encouragement of my in-laws I had a survey completed on a property in Heathfield in advance of appointing conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies may not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Heathfield. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Heathfield to see if the conveyancing will be more expensive.
I own a leasehold flat in Heathfield. Conveyancing and HSBC Bank mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Heathfield who previously acted has now retired. Do I pay?
The first thing you should do is make enquiries of the Land Registry to make sure that this person is indeed the new freeholder. You do not need to incur the fees of a Heathfield conveyancing solicitor to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I purchased a basement flat in Heathfield, conveyancing was carried out 9 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Heathfield with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2089
With 63 years unexpired we estimate the price of your lease extension to be between £16,200 and £18,600 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.