My husband and I are getting closer to an exchange on a house in Hoxton and my parents have sent the ten percent deposit to my solicitor. I am now advised that as the deposit has not arrived from me my conveyancer needs to disclose this to my mortgage company. Apparently, in also acting for the bank he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?
The solicitor is obliged to check with the bank to make sure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
In what way does my ID and proof of funds have anything to do with my conveyancing in Hoxton? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms and Conditions that you are required to sign should stipulate this. Your lender will also require certain documents to be checked. Where you refuse to hand over ID verification documents, your conveyancer would not be able to act for you.
We are getting a further advance on our mortgage from UBS as we intend to conduct alterations to our property in Hoxton. Are we obliged to choose a high street Hoxton solicitor on the UBS conveyancing panel to handle the legals?
UBS do not ordinarily require a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS panel.
I am purchasing a property in Hoxton. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is UBS your lawyer must check the formal instructions contained in Part 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook sets out minimum requirements for solar panel roof-space leases, and solicitors are required to report to UBS where a lease does not comply with these specifications. The requirements relate to the installation of panels on properties nationwide and is not limited to Hoxton.
At last I have had an offer on a flat in Hoxton agreed to, the vendors do however have a connected purchase. The sellers have offered on a property, but it’s not yet agreed to, and are looking at other properties in the pipeline. I have instructed a local conveyancing solicitor in Hoxton. What should be my next step? At what point do I apply for the mortgage with Barclays?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then survey, Hoxton conveyancing search fees, etc). The first course of action is to check that your conveyancer is on the Barclays conveyancing panel. Concerning the subsequent stages this very much depends on the uniqueness of your case, motivation for the property and on the state of the market. During a hot market some purchasers will apply for a home loan with Barclays and arrange for the valuation and only if it was satisfactory would they pay their conveyancing practitioner to proceed with the conveyancing in Hoxton.
I am looking for a ground for flat up to £195,000 and found one close by in Hoxton I like with open areas and railway links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Hoxton for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
In what way can the Landlord & Tenant Act 1954 impact my business offices in Hoxton and how can you help?
The 1954 Act affords a safeguard to commercial lessees, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of the lease term. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing solicitors who use the act for protection and help with commercial conveyancing in Hoxton
Builders have recommended to me a conveyancer and I've sought an estimate from them. It's nearly £300 less expensive than my own Hoxton property lawyer. Should I use them?
Developers frequently have lists of lawyers who expedite matters and who know the developer’s contract and solicitor. Plenty of developers offer an incentive to use their approved property lawyer for this reason, any increased charges can be avoided and a developer won't suggest a conveyancing warehouse and run the risk of having the transaction delayed when they need an exchange within a tight time frame. The argument for not agreeing to use the suggested property lawyer is that they may prove reluctant to fight for your interests at the risk of upsetting the developer. If you worry that this may be the situation you should stick with your high street Hoxton conveyancer.