I plan on buying a flat in Hulme. My lawyer is not on the mortgage company solicitor list. Am I still permitted to retain my Hulme conveyancing solicitor even though they are excluded from the bank panel?
Your options include
- Complete the deal with your preferred Hulme conveyancer but your lender will no doubt appoint a conveyancing practitioner from their approved panel. This will result in additional cost together with likely interruption.
- Choose a fresh lawyer to conduct the conveyancing, making sure they are on the lender conveyancing panel.
- Convince your property lawyer to apply to join the lender panel
We are nearing an exchange on a property in Hulme and my parents have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has not come from me my conveyancing practitioner needs to make a notification to my mortgage company. I am advised that, in also acting for the mortgage company he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the bank concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to hold matters up?
Your lawyer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your bank if you agree, failing which, your lawyer must cease to continue acting.
Please explain the implications if my lawyer’s firm is removed from the Principality Conveyancing panel ahead of completing my conveyancing in Hulme?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
It has been five months since my purchase conveyancing in Hulme completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey carried out on a property in Hulme before instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some banks will refuse to give a mortgage on this type of home.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hulme. Conveyancing may be slightly more expensive based on your lender's requirements.
Can you provide any advice for leasehold conveyancing in Hulme from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Hulme can be reduced where you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers. A minority of Hulme leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you hold a share in a the Management Company, you should make sure that you have the original share document. Obtaining a new share certificate is often a lengthy process and delays many a Hulme home move. If a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if relevant) for this as soon as possible. The majority of landlords or Management Companies in Hulme levy fees for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information sought on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Hulme.
I bought a basement flat in Hulme, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Hulme with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2079
You have 53 years left to run we estimate the price of your lease extension to span between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.