My fiance and I are looking to buy a flat in Hermitage and have instructed a Hermitage conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Aldermore have this morning contacted us to inform me that there is now an issue as our Hermitage solicitor is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage it is normal for the purchasers' lawyers 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 don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hermitage solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Would the conveyancing lawyers that are recommend carry out auction conveyancing in Hermitage?
We know of a few auction practitioners we can connect you with those conducting auction conveyancing. Hermitage is one of hundreds of locations in which our lawyers have offices.
Is there a list of UBS panel conveyancers in Hermitage on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings available over the internet. Where you are looking for a Hermitage solicitor on the UBS please make the most of our tool.
is it true that all Hermitage solicitor firms on the Kent Reliance conveyancing panel are governed by the SRA?
As solicitors, in order to be on the Kent Reliance conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel and in such a situation the organisation would be overseen by the Council of Licensed Conveyancers.
I am selling my flat. I had a double glazing fitted in February 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Lloyds are being problematic. The Hermitage solicitor who is on the Lloyds conveyancing panel is recommending indemnity insurance as a solution but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I purchased my house on 4 February and the transaction details are still not on the land registry website. Any reason for this? My conveyancing solicitor in Hermitage advises it would be registered inside ten days. Are properties in Hermitage particularly slow to register?
As far as conveyancing in Hermitage is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ depending on who lodges the application, whether it is in order and whether the Land registry must send notices to any 3rd persons or bodies. Currently in the region of 80% of such applications are completed within two weeks but occasionally there can be protracted delays. Historically registration is effected once the buyer is living at the premises thus an expedited registration is not typically top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer could speak with the land registry and explain the circumstances.
I am tempted by the attractive purchase price for a couple of maisonettes in Hermitage which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Hermitage is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. For most purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hermitage conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Hermitage Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
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Are there any major works in the near future that could increase the service charges? This information is useful as a) areas could result in problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the managing agents you will wish to know about it How many years are left on the lease?
One month into a sale of a flat in Hermitage. Conveyancing is fine but we have been asked to pay a fortune from the freeholder. So far we have issued a cheque for £268 for a leasehold management pack and then a further £117.20 for answers to questions raised by the purchaser's solicitor.
You will not have any say over the extent of the bill for this information however the average costs for the information for Hermitage leasehold property is £360. When it comes to Hermitage conveyancing sales it is usual for the seller to pay for these charges. The freeholder or their agents are under no legal obligation to address such questions most will agree to do so - albeit often at exorbitant prices out of proportion to the work involved. Regretfully there is no legislation that requires set charges for administrative tasks. There is no legal time frame by which they are duty bound to issue the information.