Me and my fiance are planning to acquire a 3 bedroom apartment in Histon with a mortgage. We have a Histon lawyer, however the bank says she’s not on their "panel". We have to appoint one of the bank panel firms or keep our Histon lawyer and pay for one of their panel firms to act for them. We feel that this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Histon conveyancing lawyer to apply to be on the conveyancing panel.
In what way does my ID and proof of funds have anything to do with my conveyancing in Histon? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Histon conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility bill showing where you live.
Under Money Laundering Regulations, property lawyers are required to validate not simply the identity of conveyancing clients but also the origin of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your property lawyers are duty bound to make a disclosure to the relevant authorities should they believe that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
How does conveyancing in Histon differ for newly converted properties?
Most buyers of new build or newly converted property in Histon contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because developers in Histon tend to buy 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 conveyancing solicitors 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 Histon or who has acted in the same development.
I decided to have a survey completed on a property in Histon before retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some lenders may not grant a loan on this type of home.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Histon. Conveyancing will be smoother if you use a solicitor in Histon especially if they are acquainted with such properties in Histon.
We're FTB’s - had an offer accepted, yet the agent informed us that the owners will only move forward if we use their chosen conveyancers as they want an ‘expedited deal’. Our preferred option is to instruct a family solicitor with experience of conveyancing in Histon
We suspect that the owner is not behind this requirement. If they desire ‘a quick sale', taking such a hostile approach to a serious buyer is counter productive. Avoid the agents and go straight to the sellers and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)but you will continue to use your preferred Histon conveyancing firm - not the ones that will earn their negotiator at the agency a referral fee or meet his conveyancing thresholds set by senior management.
All being well we will complete the disposal of our £300,000 flat in Histon next week. The freeholder has quoted £372 for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is the landlord entitled to charge an administration fee for a flat conveyance in Histon?
For most leasehold sales in Histon conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing conveyancing due diligence enquiries
Where consent is required before sale in Histon
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Histon Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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What prohibitions are contained in the Histon Lease? What is the length of the lease? The answer will be important as a) areas could result in problems for the building as the communal areas may begin to deteriorate where maintenance remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to know about it