My husband and I are purchasing a 1 bedroom apartment in Hull with a mortgage. We like our Hull lawyer, however the mortgage company says she’s not on their "panel". It seems we have little choice but to instruct one of the lender panel firms or keep our Hull property lawyer and pay for one of their panel ones to act for them. We consider that this is inequitable; is there anything we can do?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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 Hull conveyancing solicitor to apply to be on the conveyancing panel.
Please help. My Hull lawyer is informing me me that he is legally obliged toorder Hull conveyancing searches becausethe firm are on the Nat Westsolicitor panel. Is my conveyancer right?
Unfortunately both you and your lawyer have little choice here. As you are taking a home loan with a mortgage company your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Hull conveyancing searches.
My grandmother passed away six months ago and as sole heir and executor I was left the house in Hull. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this allowed?
If you plan to refinance then Principality will require that you use a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.
What does a local search inform me regarding the house we're buying in Hull?
Hull conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Hull conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I need to instruct a conveyancing solicitor for sale conveyancing in Hull. I happened to discover a web site which looks to be the perfect answer If there is a chance to get all the legals completed via phone that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've found a house that seems to be perfect, at a great figure which is making it all the more appealing. I have just been informed that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a leasehold house in Hull. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Hull ?
The majority of houses in Hull are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are buying in Hull so you should seriously consider shopping around for a Hull conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should appraise you on the various issues.
I purchased a 1 bedroom flat in Hull, conveyancing having been completed 3 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Hull with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease ends on 21st October 2078
With just 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.