I am in the process of selling my ground floor flat in Hitchin and the estate agent has just called to advise that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only deal with solicitors on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint for their conveyancing in Hitchin ?
Lenders have always had an approved set of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 purchasers are not going to have any impact on this.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hitchin? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Hitchin conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account showing where you live.
Under Money Laundering Regulations, conveyancers are required to validate not just the ID of conveyancing clients but also the origin of fund that they receive in respect of any matter. An unwillingness to disclose this may lead to your solicitor ending their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to make a disclosure to the relevant authorities should they consider that any amounts received by them may contravene the Money Laundering Regulations.
My wife and I have a 4 bedroom Georgian property in Hitchin. Conveyancing lawyer acted for me and Chelsea Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, the second leasehold under the exact same property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register as there may be 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 Hitchin and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing solicitor who carried out the work.
I am buying my first flat in Hitchin with the aid of help to buy. The developers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about the deal as it would affect my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a ground for flat up to £245,000 and found one round the corner in Hitchin I like with amenity areas and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Hitchin suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
Are the Hitchin conveyancing lawyers identified as being on the mortgage company conveyancing panel, together with their details provided by the lender?
Hitchin law firm practices and firms conducting conveyancing in Hitchin themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the bank directly.