we are a couple who wish to acquire a newbuild flat in Waltham Abbey with a residential mortgage from HSBC Bank.We would like to retain our Waltham Abbey conveyancing lawyer but HSBC Bank advised that her practice is not listed on their approved list of member firms. we are left little option but to use a HSBC Bank panel firm or keep our local solicitor and fork out for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the HSBC Bank approved list. in the past, most lenders 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. A further alternative is for your lawyer to apply to be on the conveyancing panel for HSBC Bank
The mortgage over my property is with Co-operative for my property in Waltham Abbey. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?
You must advise Co-operative before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel lawyer.
Intending to buy a house in Waltham Abbey. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Waltham Abbey conveyancer is on the Kent Reliance conveyancing panel.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Waltham Abbey solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Waltham Abbey postcode. As you are getting a mortgage with Nottingham, you could contact them to see if they have a list of approved surveyors in Waltham Abbey.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Waltham Abbey is where the house is located. Can you shed any light on this issue?
Flying freeholds in Waltham Abbey are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Waltham Abbey you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Waltham Abbey may determine 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.
How does the Landlord & Tenant Act 1954 affect my commercial premises in Waltham Abbey and how can you help?
The 1954 Act provides security of tenure to commercial tenants, giving them the a statutory right to make a request to court for a continuation of occupancy at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Waltham Abbey is one of our many locations in which our lawyers have offices
My father-in-law has recommend that I instruct his conveyancers in Waltham Abbey. Do I follow his guidance?
Much as we are happy to recommend a Waltham Abbey conveyancing lawyer the best way to select a conveyancing practitioner is to have feedback from friends or family who have previously instructed the conveyancer that you are considering.
My parents are unable to locate their Waltham Abbey property on the HM Land Registry online search facility. They recall that 50 years ago when they bought the bungalow there were complications concerning the post code not being recognised in some systems.
Almost all residences in Waltham Abbey should appear. Have you attempted a search to simply the postcode. Usually it will disclose all the houses and flats within that postcode. Assuming the property is registered it will show up with a title number. Where they bought 48 years ago it's conceivable it may be unregistered. The property might still be revealed but with the title number shown 'na'. In this scenario you will need to find the original title deeds which might be with your parent’s mortgage company.