I can't travel far from Bagshot. I would like to know the understand why all Bagshot solicitors aren't included on all mortgage company panels?
Pre- 2008 most banks displayed an approach to risk which differs from the current day. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, mortgage companies have subsequently looked to extract more data from law firms concerning their operations and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible meet the minimum amount of transactions the mortgage companies required.
My partner and I are refinancing our flat in Bagshot with HSBC. We have a son 18 who lives with us. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, waiving any legal rights in the event that the apartment is repossessed. I have a couple of concerns (1) Is this form unique to the HSBC conveyancing panel as he did not need to sign this form when we purchased 5 years ago (2) Does our son by signing this giving up his entitlement to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to HSBC. This is solely used to protect HSBC if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of HSBC had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Finally the sale completed on my house in Bagshot last February yet the purchaser is telephoning daily to say his lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
After completion of your house sale your lawyer should forward the transfer documentation and all additional paperwork to the purchaser's conveyancer. Where appropriate, your solicitor must also confirm that the legal charge in favour of the lender has been discharged to the buyers solicitors. There is unlikely to be post completion procedures unique to conveyancing in Bagshot.
Do the Building Society Association intend to launch a online directory to to identify practices on the Coventry BS conveyancing panel for instance in Bagshot?
We would not expect to be advised of any intention on the part of the BSA to promote such a search facility.
We are 18 days into a residential purchase having been directed to conveyancers by the high street agent to handle our conveyancing in Bagshot. I am am extremely frustrated with the level of service. Can you help me find new conveyancers?
A solicitor would need to be very poor in order to consider diss instructing them. Has the mortgage offer been generated? In the event that it has you need to advise them of the new contact details and have the offer are issued to the new lawyers. Your new conveyancer needs to be on the mortgage company panel to avoid added fees and frustration. That should be your first question of the new lawyers. Our search tool should help you find a bank approved lawyer for your home move in Bagshot
I have just appointed agents to market my ground floor apartment in Bagshot. Conveyancing is yet to be initiated, however I have recently received a quarterly service charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is pay the maintenance contribution as usual because all ground rent and service payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment 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. Having a clear account will assist your cause and will leave you no worse off financially.
I inherited a garden flat in Bagshot, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Bagshot with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2084
You have 59 years remaining on your lease we estimate the premium for your lease extension to be between £20,900 and £24,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.