My wife and I are hoping to buy a home in Hull and are in fact using a Hull conveyancing practice. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. HSBC Bank have this afternoon contacted us to inform me that they have now hit a problem as our Hull solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' solicitors to also represent 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 mortgage company 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 lender’s conveyancing panel as you are at liberty to use your preferred Hull lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Due to move into my new home in Hull next Monday. My property lawyer now wants me to supply her with proof of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the bank. What risks does the bank expect the insurance to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Hull.
I have been told that property searches are the main cause of obstruction in Hull house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of delay in conveyancing in Hull.
I have todaydiscovered that Stirling Law have been shut down. They carried out my conveyancing in Hull for a purchase of a leasehold apartment 10 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Hull conveyancing specialists.
I decided to have a survey carried out on a house in Hull prior to instructing conveyancers. I have been informed that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. HSBC has different requirements for example to Birmingham Midshires. If you e-mail us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hull. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hull to see if the conveyancing will be more expensive.
What does commercial conveyancing in Hull cover?
Hull conveyancing for business premises covers a broad array of advice, offered by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.