The housing market in Hove is hotting up. What can I do to speed up matters?
Where you are under time constraints for your conveyancing we would recommend that your conveyancer is familiar with the location as they will have local relationships and know-how. It is possible that they could have conducted previoushouses in the same street. Therefore consider using a Hove conveyancing lawyer. In addition, be sure that the conveyancing firm is on the lender panel. It is claimed that just under twenty per cent of Hove conveyancing deals are delayed or derailed after discovering a buyer’s solicitor was not on their mortgage lender’s panel. This can often result in the legal process being frustrated by almost three weeks. It is claimed that this issue affects in the region of 100,000 home moves every year. Many Hove conveyancing practices can not act for certain mortgage companies so do check at the outset.
I had intended to instruct a property lawyer in Hove for our home move. Our financial adviser has since advised us that our mortgage company Skipton Building Society won't deal with them. Why is this not regarded as unfair competition?
Banks ordinarily restrict either the type or the volume of conveyancing solicitors on their approved list of lawyers. Typical examples of such criteria being that a firm must have two or more partners. As well as restricting the type of firm, a few banks have limited the number of solicitor practices they allow to act for them. You should note that Skipton Building Society have no responsibility for the quality of advice provided by any member of Skipton Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of solicitor panels a few years ago even though there remains mixed views concerning the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that hundreds of law firms, including some in or near Hove only carry out one or two conveyances per annum.
Various web forums that I have come across warn that are the primary reason for stalling in Hove conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Hove.
I am purchasing a new build house in Hove benefiting from help to buy. The builders would not reduce the amount so I negotiated £7000 of extras instead. The sale representative advised me not inform my lawyer about this deal as it would put at risk my mortgage 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.
Is it simple use your search app to find a conveyancing solicitor in Hove on the approved list for my lender?
1st pick a bank such as Santander, Barnsley Building Society or Godiva Mortgages Ltd then type in your location such as Hove. Conveyancing organisations in Hove and across England and Wales will then be identified.
I am a negotiator for a busy estate agent office in Hove where we have experienced a few flat sales jeopardised due to short leases. I have received contradictory information from local Hove conveyancing solicitors. Can you shed some light as to whether the seller of a flat can commence 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 commence 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 has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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 buyer.
I bought a studio flat in Hove, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Hove with a long lease are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2100
With just 75 years unexpired the likely cost is going to be between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. 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 placing reliance on this information without first getting professional advice.