My wife and I are hoping to purchase a property in Hedon and are in fact using a Hedon conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Britannia have this evening contacted us to advise us that there is now an issue as our Hedon solicitor is not on their conveyancing panel. What do we do from here?
If you are buying a property with the assistance of a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. 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 Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Hedon lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
My husband and I are only a couple days away from an exchange on a house in Hedon and my parents have sent the 10% deposit to my lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to disclose this to my bank. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I disclosed to the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is legally required to clarify with mortgage company to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only notify this to your bank if you agree, failing which, your lawyer must cease to continue acting.
We had appointed conveyancing lawyers locally in Hedon on the Kent Reliance solicitor panel. They are now charging me a further charge for dealing with the Kent Reliance mortgage. Is this a supplemental conveyancing fee specified by Kent Reliance?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your solicitor is entitled to levy a fee for this. This fee is not set by Kent Reliance but by your Hedon solicitor. Some firms on the Kent Reliance panel will levy an ‘acting for lender’ fee and others do not.
We expect to receive a DIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Hedon solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Hedon solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
It is not clear whether my lender requires a lease extension. I have called my Hedon building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Hedon conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. I simply don't know who is right.
Your property lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Have completed on a a terraced house in Hedon , What is the estimated time for the Land Registry to register my ownership? My Hedon conveyancing solicitor has been painfully slow, so I want to check the land registry aspects are concluded.
As far as conveyancing in Hedon is concerned, registration is no faster or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timescales can adjust according to the party submitting the application, whether it is in order and if the Land registry have to notify any third persons or bodies. Currently roughly three quarters of such applications are completed within 12 days but occasionally there can be longer hold-ups. Registration takes place after the new owner has moved in to the premises so 'speed' is not usually an essential issue but if it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Hedon differ for newly converted properties?
Most buyers of new build or newly converted property in Hedon come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because builders in Hedon typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hedon or who has acted in the same development.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Hedon. Conveyancing solicitors have are about to be instructed. Will my lawyers set out the implications of buying a leasehold house in Hedon ?
Most houses in Hedon are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Hedon in which case you should be looking for a Hedon conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your conveyancer will advise you fully on all the issues.
I am the registered owner of a 1st floor flat in Hedon, conveyancing was carried out April 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Hedon with a long lease are worth £170,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2103
With 78 years left to run we estimate the price of your lease extension to be between £7,600 and £8,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.