My fiance and I are hoping to purchase a flat in Hoxton and are in fact using a Hoxton conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Bank of Ireland have this evening contacted us to advise us that they have now hit a problem as our Hoxton solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Hoxton solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
We are only a couple days away from an exchange on a property in Hoxton and my mum and dad have transferred the exchange deposit to my property lawyer. I am now told that as the deposit has been received from someone other than me my conveyancing practitioner needs to make a notification to my bank. Apparently, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
The conveyancing practitioner is legally required to check with lender to ensure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.
I am buying a new build apartment in Hoxton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Hoxton
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Hoxton I like with open areas and railway links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Hoxton for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a home loan that many years will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
If all goes to plan we aim to complete the sale of our £375,000 apartment in Hoxton in six days. The landlords agents has quoted £324 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is the landlord entitled to charge exorbitant fees for a leasehold conveyance in Hoxton?
Hoxton conveyancing on leasehold maisonettes more often than not involves the purchaser’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to these enquiries the majority will be content to do so. They may levy a reasonable administration fee for responding to questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some cases it is above £800. The management information fee levied by the landlord must be accompanied by a summary of rights and obligations in relation to administration fees, otherwise the charge is technically not due. In reality you have no option but to pay whatever is demanded should you wish to complete the sale of your home.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can a leaseholder make an application to the Leasehold Valuation Tribunal? Can you recommend a Hoxton conveyancing firm to represent me?
You certainly can. We are happy to put you in touch with a Hoxton conveyancing firm who can help.
An example of a Lease Extension decision for a Hoxton premises is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case affected 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.
Online research suggests that Hoxton solicitors are more costly than licensed conveyancers in Hoxton to use when buying a property. Am I better off using a conveyancer or a solicitor where I am buying a house in Hoxton.
When it comes to conveyancing in Hoxton the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.