Is the fact that my conveyancer in Hockley is not identified on my bank's solicitor panel that there is a problem with the quality of his conveyancing?
It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Hockley conveyancing firm and ask them why they are no longer on the approved list for your mortgage company.
My god-son is about to exchange on a house that has just been built in Hockley with a mortgage from Skipton. His solicitor has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Skipton conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Skipton conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
My lawyer in Hockley is not on the Platform Home Loans Ltd Solicitor Panel. Can I still continue with my family solicitor even though they are not on the Platform Home Loans Ltd panel of approved conveyancing solicitors?
The limited options open to you here include:
- Carry on with your existing Hockley lawyers but Platform Home Loans Ltd will need to retain a lawyer on their list of acceptable firms. This will inevitably rack up the total legal charges as well as result in frustration.
- Get an alternative solicitor to act in the purchase, not forgetting to check they are Persuade your lawyer to do everything within their powers to join the Platform Home Loans Ltd conveyancing panel
This question may be naive but I am unexperienced as FTB of a ground floor flat in Hockley. Do I collect the keys to the house on the completion date from my solicitor? If this is the case, I will instruct a High Street conveyancing solicitor in Hockley?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the seller's solicitors, and shortly after the monies have arrived, you will be called to collect the keys from the selling Agents and start moving into the property. This tends to happen early afternoon.
I have today made my last payment due on my mortgage with Skipton. I assume I don't need a Hockley lawyer on the Skipton panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Our offer on a house in Hockley has been accepted, the sellers do however have a connected purchase. The sellers have offered on a flat, but it’s not yet tied up, and have viewings of other properties booked. I have chosen a bricks and mortar conveyancing solicitor in Hockley. What should be my next step? At what point should I apply for the mortgage with Nationwide?
It is normal to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx £1k, then survey, Hockley conveyancing search costs, etc). The first thing to do is check that your conveyancer is on the Nationwide conveyancing panel. As to the subsequent stages this very much dictated by the specifics of your case, desire for the property and on the state of the market. In a buoyant market the majority of home buyers will apply for the mortgage with Nationwide and pay for the valuation and only if it was satisfactory would they request their conveyancing practitioner to move forward with the conveyancing in Hockley.
We're first time buyers - agreed a price, yet the property agent told us that the seller will only go ahead if we use their preferred lawyers as they want an ‘expedited deal’. Our preferred option is to instruct a local solicitor accustomed to conveyancing in Hockley
It is unlikely the sellers are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Try to communicate with the sellers directly and make sure they comprehend that (a)you are genuine buyers (b)you are ready to progress, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Hockley conveyancing solicitors - rather thanthose that will provide the negotiator at the agency a referral fee or achieve conveyancing figures set by head office.
I am a negotiator for a reputable estate agency in Hockley where we see a few leasehold sales jeopardised as a result of short leases. I have been given conflicting advice from local Hockley conveyancing solicitors. Please can you confirm whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease 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. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with 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 purchaser.
I bought a split level flat in Hockley, conveyancing was carried out in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Hockley with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease expires on 21st October 2088
You have 62 years unexpired we estimate the price of your lease extension to be between £17,100 and £19,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.