I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Southgate with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Yesterday I discovered that there is a flying freehold element on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Southgate is the location of the property. Can you shed any light on this issue?
Flying freeholds in Southgate are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southgate you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southgate 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 property.
I was pointed in your direction by numerous estate agents in Southgate to get a quote from a solicitor using your seach tool. Is there a financial upside for Estate Agents to offer your site ahead of a competitor’s?
We refuse to make any commission for directing people in our direction. We thought it would be too underhand a fee as members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
We are 17 days into a leasehold purchase having been referred to solicitors by the high street agent to do our conveyancing in Southgate. I am am extremely dissatisfied with the level of service. Can you you assist me in finding new lawyers?
A solicitor would need to be very bad in order to consider changing them. Has the mortgage been generated? In the event that it has you must advise them of the replacement solicitor and have the loan are issued to the new lawyers. The conveyancer should be on the mortgage company approved list to avoid supplemental expenses and complications. That should be your first question of the new conveyancers. The search tool should assist you in finding a bank approved solicitor for your home move in Southgate
Do you have any advice for leasehold conveyancing in Southgate with the intention of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Southgate can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ conveyancers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to ongoing. If you hold a share in a the freehold, you should ensure that you are holding the original share certificate. Arranging a new share certificate is often a lengthy formality and slows down many a Southgate home move. If a duplicate share is necessary, do contact the company director and secretary or managing agents (where applicable) for this as soon as possible. The majority of freeholders or managing agents in Southgate charge for supplying management packs for a leasehold home. You or your lawyers should enquire as to the fee that they propose to charge. The management pack can be applied for 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 usual reason for frustration in leasehold conveyancing in Southgate.
Notwithstanding our best efforts, we have been unsuccessful in negotiating a lease extension in Southgate. Can the Leasehold Valuation Tribunal adjudicate on premiums?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the LVT to assess the amount due.
An example of a Freehold Enfranchisement decision for a Southgate premises is 23 Beaconsfield Road in July 2013. The Tribunals decided that the amount payable was £31,203 for the freehold. This case related to 2 flats. The remaining number of years on the lease was 70.31 years.
My sister completed her conveyancing in Southgate ten years ago. She has since got married, widowed and in recent months got remarried. She intends to sell the property in a couple of months. I suspect that she will simply be asked to provide a copy of the marriage certificates to the conveyancing practitioner but she is worried it could hold up the conveyancing. Should she instruct a conveyancing practitioner to update the title details for the house?
It is not absolutely necessary to bring up to date the register as long as you have the proof required to show how the change of name has come about.
Any buyer’s conveyancing practitioner will examine the title details and ask for evidence to establish the name change for example marriage documentation.