We are buying a 3 bedroom flat in Hockley with a mortgage. We like our Hockley conveyancer, but the lender advise he's not on their "panel". We have to appoint one of the bank panel conveyancing practices or continue with our Hockley property lawyer and pay for one of their panel lawyers to act for them. We consider 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 lender’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 Hockley conveyancing lawyer to apply to be on the conveyancing panel.
We see that you have a post code search directory identifying solicitors on the Virgin Money conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Hockley?
We are a listing service only for law firms wishing to communicate if they are on the Virgin Money conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hockley.
The Hockley conveyancing lawyers that I recently instructed on my purchase in Hockley have suddenly shut down. I chose them because I needed a lawyer on the Leeds Building Society conveyancing panel and my previous Hockley lawyer was not. I cut them a cheque for £250 in advance. What are my options?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Leeds Building Society conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
I opted to have a survey completed on a house in Hockley in advance of retaining solicitors. I have been informed that there is a flying freehold overhang to the house. Our surveyor advised that some banks may not issue a loan on such a house.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you e-mail us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Hockley. Conveyancing will be smoother if you use a solicitor in Hockley especially if they are accustomed to such properties in Hockley.
Expecting to sign contracts shortly on a leasehold property in Hockley. Conveyancing lawyers inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Hockley should include some of the following:
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What options are open to you if another tenant in the building breaches a clause of their lease? The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. You would want to be sent a copy of the lease Your lawyers should enable you to have an understanding of the insurance requirements You should know whether the lease allows you to change or improve aspects of the flat- you must know whether any restrictions applies to all alterations or limited to structural alteration, and whether consent is required
I bought a 2 bed flat in Hockley, conveyancing was carried out in 2010. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Hockley with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2087
With only 61 years unexpired the likely cost is going to be between £19,000 and £22,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
Our sealed bid on semi in Hockley was accepted, but there is a chain. The owners have put an offer on a property, but it’s not yet agreed to, and has viewings of other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Hockley. What do I do now? When should I get the mortgage application with Yorkshire BS going with Yorkshire BS?
It is standard to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then valuation, Hockley conveyancing search costs, etc). First, you should ensure that your property lawyer is on the Yorkshire BS conveyancing panel. Regarding the subsequent phase this very much depends on the specifics of your case, desire for the property and on the state of the market. During a buoyant market the majority of home buyers would apply for a home loan with Yorkshire BS and pay for the survey and only if it comes back ok would they request their lawyer to press on with searches.