I am nearing exchange of contracts for my ground floor flat in Hurstpierpoint and the estate agent has just called to advise that the purchasers are switching conveyancer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with certain lawyers rather the firm that they want to choose for their conveyancing in Hurstpierpoint ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 25 years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
Is there a reason why leasehold purchase conveyancing in Hurstpierpoint is more expensive?
The conveyancing charges on a leasehold property in Hurstpierpoint is frequently more expensive as compared to a freehold transaction. This is due to the extra time necessary in communicating with the freeholder and managing agents to obtain evidence concerning whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the building.
My bid for a property was accepted at auction in Hurstpierpoint. Conveyancing is necessary. What is next?
Having exchanged you should choose a conveyancing lawyer quickly as you now have a tight a fixed date to complete the property. Every auction property should have a bespoke legal set of papers. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the conveyancing papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You need to hand this to the solicitor working for you at the earliest opportunity. Do make sure that you have funds in order to complete the transaction on the set completion date.
We are planning to move house in March. Should my conveyancing solicitor call the removal company on the day of completion. Incidentally, can you suggest a removal company in Hurstpierpoint. Conveyancing firm was chosen before I stumbled across this site.
On the afternoon of completion you can collect the house keys from the selling agent however this can only take place when the vendors lawyers advise the agent that the monies to complete are in and the keys can be released. Subsequently you can advise the removal men that they can start moving you in. We do not suggest a specific removal organisation but can help you find a residential property solicitor in Hurstpierpoint or a lawyer that specialises in conveyancing in Hurstpierpoint.
I recently had an offer agreed on a house in Hurstpierpoint. My financial adviser suggested a solicitor. I paid an advanced payment of £150. A couple of days later, the property lawyer contacted me sheepishly admitting that they were not on the UBS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the UBS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I am buying a new build house in Hurstpierpoint with a loan from Halifax. The developers would not budge the price so I negotiated £7000 of extras instead. The property agent advised me not inform my conveyancer about this deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Is it best to use a Hurstpierpoint conveyancing solicitor who is local to the property I am purchasing? An old friend can deal with the legal work but his firm is located a couple of hundredmiles away.
The benefit of a local Hurstpierpoint conveyancing practice is that you can attend the office to sign paperwork, present your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and on the whole were content that should outweigh using an unfamiliar Hurstpierpoint conveyancing lawyer just because they are local.
I am a negotiator for a long established estate agent office in Hurstpierpoint where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Hurstpierpoint conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a leasehold flat in Hurstpierpoint, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Comparable properties in Hurstpierpoint with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease finishes on 21st October 2099
You have 74 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.