I am one month into the sale of my house in Hillsborough and the EA has just called to say that the purchasers are changing their solicitor. The reason given is that the mortgage company will only work with property lawyers on their approved list. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to appoint to handle their conveyancing in Hillsborough ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.
Lenders attribute this action to a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 do not even realise 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.
What is your number one tip for choosing a conveyancing solicitor in Hillsborough
Do not opt for the lowest Hillsborough conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
I currently have a mortgage with Virgin Money for my property in Hillsborough. Conveyancing was finalised 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
Completion of my purchase has taken place for my property in Hillsborough. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. We understand that complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
Should commercial conveyancing searches disclose planned roadworks that may affect a commercial property in Hillsborough?
Many commercial conveyancing solicitors in Hillsborough will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Hillsborough. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hillsborough.
For each commercial conveyancing transaction in Hillsborough it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Hillsborough commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Hillsborough.
Me and my brother purchased a semi-detached Victorian property in Hillsborough. Conveyancing solicitor represented me and Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching address. Is it worth asking Bank of Scotland to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hillsborough and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing lawyer who conducted the work.
How does conveyancing in Hillsborough differ for new build properties?
Most buyers of new build residence in Hillsborough come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Hillsborough typically acquire the land, 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 property lawyers 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 accustomed to new build conveyancing in Hillsborough or who has acted in the same development.
Do you have any advice for leasehold conveyancing in Hillsborough from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hillsborough can be reduced if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the purchasers’ conveyancers. If you have had any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be nervous about purchasing a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than unsettled. The majority of landlords or Management Companies in Hillsborough levy fees for supplying management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Hillsborough. Some Hillsborough leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Hillsborough leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence from the Landlord acquiescing to such alterations. If you dont have the consents to hand do not communicate with the landlord without contacting your lawyer in the first instance.
I purchased a studio flat in Hillsborough, conveyancing having been completed January 2007. 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? Equivalent properties in Hillsborough with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2103
You have 77 years unexpired we estimate the premium for your lease extension to span between £7,600 and £8,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.