We wanted to use a property lawyer in Liphook for our house move. Our broker has since notified us that our bank Nottingham Building Society won't deal with them. Surely this is unduly restrictive?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Liphook conveyancing firms would have been on most mortgage company panels. The FSA in 2010 completed a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms concerning their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of transactions. Many Liphook conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Liphook is amongst the thousands of areas where the solicitors we recommend are are authorised to act for Nottingham Building Society.
How does conveyancing in Liphook differ for newly converted properties?
Most buyers of new build property in Liphook come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Liphook tend to acquire 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 conveyancing solicitors 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 used to new build conveyancing in Liphook or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Liphook is the location of the property. Can you offer any advice?
Flying freeholds in Liphook are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Liphook you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Liphook may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Am I right to be concerned by 3rd parties that I am dealing with are recommending an internet conveyancing firm as opposed to a local Liphook conveyancing practice?
As with many service providers, often suggestions from connections can be extremely useful or valuable. Yet there are numerous people with a vested interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may suggest solicitors to choose. Sometimes the conveyancers might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the endorsement. You are free to appoint your preferred conveyancer. You need to be aware that many mortgage providers specify a panel list of lawyers you have to use for the mortgage aspect of your transaction.
Do you have any top tips for leasehold conveyancing in Liphook with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Liphook can be reduced if you appoint lawyers the minute your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ lawyers. If you have the benefit of shareholding in the freehold, you should ensure that you hold the original share document. Organising a replacement share certificate can be a time consuming formality and slows down many a Liphook home move. Where a duplicate share is required, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. A minority of Liphook 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 financial (bank) and professional references. The 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 service charge figures so that they can pass this information on to the buyers or their lawyers.
I inherited a studio flat in Liphook, conveyancing formalities finalised January 2005. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Liphook with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2079
With 53 years remaining on your lease we estimate the price of your lease extension to span between £27,600 and £31,800 as well as costs.
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 tribunal or court proceedings. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
One month into purchasing a house in Liphook. Conveyancing lawyer has told us the property is "Leasehold". Does this impact our HSBC valuation?
Liphook conveyancing does not ordinarily involve leasehold houses. The main factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to affect the value too much.
At the other end of the spectrum, if it's, say, fifty five years it will have a adverse impact on the value, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be specified in the lease provided to your conveyancing practitioner.