I am selling my flat in Hedge End and the estate agent has just text me to advise that the purchasers are swapping law firm. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major lender only engage with certain solicitors rather the firm that they want to choose to handle their conveyancing in Hedge End ?
Mortgage companies have always had an approved set of law firms that can represent them, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions point to the increase in fraud as the reason for the pruning – criteria have been tightened 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 hearing daily from firms that have been removed from panels. Some 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 buyers are not going to have any impact on this.
A colleague recommended that where I am buying in Hedge End I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Hedge End conveyancing searches. It is a large report of more than thirty pages, listing and setting out significant information about Hedge End around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Hedge End Education with maps and statistics, Local Amenities and other useful information regarding Hedge End.
I used Wolstenholmes several years ago for my conveyancing in Hedge End. I now require my file however the law firm has closed. What do I do?
Do 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 Hedge End of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I am buying a new build house in Hedge End with a mortgage from Alliance & Leicester . The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The estate agent advised me not disclose to my conveyancer about this extras as it would put at risk my loan with Alliance & Leicester . Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Hedge End is where the house is located. Is there any advice you can impart?
Flying freeholds in Hedge End are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hedge End you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hedge End may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
What advice can you give us when it comes to choosing a Hedge End conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for lease extension works (regardless if they are a Hedge End conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with two or three firms including non Hedge End conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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If they are not ALEP accredited then why not? Can they put you in touch with clients in Hedge End who can give a testimonial?
I own a 2 bed flat in Hedge End, conveyancing was carried out in 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Hedge End with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £50 levied per year. The lease ends on 21st October 2093
You have 68 years unexpired the likely cost is going to span between £9,500 and £11,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.