We are purchasing a newbuild flat in North Somerset with a residential mortgage from HSBC Bank.We have a North Somerset conveyancing solicitor but HSBC Bank informed us she’s not listed on their approved list of member firms. we are left little option but to use a HSBC Bank panel solicitor or retain our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its various provisions, one of which will be that solicitors must be on the HSBC Bank solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find 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. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
My wife and I purchased a 4 bedroom Edwardian house in North Somerset. Conveyancing lawyer represented me and Aldermore. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the matching address. Is it worth asking Aldermore to clarify?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Somerset and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
I am buying a new build house in North Somerset benefiting from help to buy. The developers would not budge the amount so I negotiated 6k of additionals instead. The property agent told me not inform my solicitor about the side-deal as it may affect my mortgage with the lender. Is this normal?.
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.
In sourcing the web for the term on line conveyancing in North Somerset it brings up many property lawyersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for my move?
The ideal method of seeking the right conveyancer is through a personal recommendation, so enquire of friends and family who have bought a property in North Somerset or a local estate agent or financial adviser. Costs for conveyancing in North Somerset vary, so it's sensible to obtain a minimum of three costs illustrations from different solicitors. Dont forget to clarify what costs in the quote includes.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it more attractive. I have since discovered that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in North Somerset. Conveyancing lawyers have not yet been appointed. Will they explain the issues?
The majority of houses in North Somerset are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in North Somerset so you should seriously consider shopping around for a North Somerset conveyancing solicitor and be sure that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor will advise you fully on all the issues.
I own a ground floor flat in North Somerset, conveyancing formalities finalised February 2002. Can you work out an approximate cost of a lease extension? Similar flats in North Somerset with an extended lease are worth £202,000. The ground rent is £60 invoiced annually. The lease ceases on 21st October 2081
You have 56 years unexpired we estimate the price of your lease extension to range between £29,500 and £34,000 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 extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
I have just appointed agents to market my 2 bed apartment in North Somerset.Conveyancing is yet to be initiated but I have recently received a quarterly service charge invoice – Do I pay up?
The sensible thing to do is pay the service charge as normal given that all rents and maintenance charges should be apportionedas part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process