I am in the process of selling my ground floor flat in Hessle and the estate agent has just e-mailed to say that the purchasers are changing their property lawyer. The excuse is that the bank will only engage with solicitors on their conveyancing panel. Why would a leading lender only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Hessle ?
UK lenders have always had panels of law firms they are willing to work with, but in recent 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 decades.
Banks point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 unlikely to have any sway in the decision.
After looking at consumer advice sites for a conveyancing lawyer in Hessle, many say that I must instruct a CQS assured solicitor. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a recognised quality standard for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing procedures through the scheme protocol Membership includes numerous organisations who perform conveyancing in Hessle.
What does a local search reveal about the house I am buying in Hessle?
Hessle conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company such as Searchflow The local search plays an important role in most Hessle conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will supply information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I am purchasing my first flat in Hessle with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about the side-deal as it would impact my loan with the bank. Should I keep quiet?.
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 issue on a property I put an offer in two weeks back in what was supposed to be a quick, no chain conveyancing. Hessle is the location of the property. Is there any advice you can impart?
Flying freeholds in Hessle are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hessle you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hessle 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.
I work for a long established estate agent office in Hessle where we have experienced a few leasehold sales put at risk as a result of short leases. I have been given conflicting advice from local Hessle conveyancing solicitors. Could you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer 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 disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 buyer.
I am the registered owner of a 1 bedroom flat in Hessle, conveyancing formalities finalised in 1999. How much will my lease extension cost? Comparable properties in Hessle with over 90 years remaining are worth £165,000. The ground rent is £50 yearly. The lease terminates on 21st October 2102
With only 77 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.