Me and my fiance are planning to acquire a 1 bedroom apartment in Hurworth with a mortgage. We would like to retain our Hurworth conveyancer, however the bank advise she’s not on their "panel". It seems we have no choice but to appoint one of the bank panel firms or keep our Hurworth conveyancing practitioner as well as pay for one of their panel ones to act for them. This feels very unfair; can we not require that the bank use our Hurworth conveyancing practitioner ?
No, not really. 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. A further alternative is for your Hurworth conveyancing solicitor to apply to be on the conveyancing panel.
My Hurworth conveyancer has uncovered a discrepancy when comparing the assumptions in the valuation report and what is revealed within the title deeds. My lawyer says that he must check that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am looking to buy a house and need a conveyancing solicitor in Hurworth who is on the Chelsea Building Society conveyancing. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Hurworth. We dont recommend any particular firm.
How does conveyancing in Hurworth differ for newly converted properties?
Most buyers of new build premises in Hurworth approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Hurworth usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hurworth or who has acted in the same development.
In relation to leasehold conveyancing in Hurworth what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Hurworth. Most leases are drafted differently and legal mistakes in the legal wording can result in certain clauses are not included. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Virgin Money, and Bank of Ireland all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.
I inherited a 1st floor flat in Hurworth, conveyancing having been completed 7 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Hurworth with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2083
You have 58 years remaining on your lease the likely cost is going to range between £22,800 and £26,400 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.
Are Hurworth conveyancing solicitors under an obligation to the Law Society to supply clear conveyancing figures?
Contained within the Solicitors Code of Conduct are specific rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their charges to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not intended as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, represent the Law Society’s perspective of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Hurworth or further afield.