I have just been advised by my financial adviser that my Hackney solicitor is not on the lender Solicitor panel. How can I be certain that this is indeed the case?
The sensible course of action for you to take is to contact your Hackney conveyancer. It is reasonable to expect your lawyer to advise you what has happened. Where they are not on the panel they may recommend you to a Hackney conveyancing practice that is on the approved list of lawyers for your mortgage company.
Why do I have to pay up front when it comes to conveyancing in Hackney?
If you are buying a property in Hackney your lawyer will ask you to provide them with funds to cover the search fees. Generally this is asked for to cover the fees of the conveyancing searches. If any down payment is as part of the total price then this will be asked for shortly prior to exchange of contracts. The closing balance that is needed will be payable shortly before completion.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Hackney. Do I receive the keys to the house on completion from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Hackney?
On the day of completion you do not need to attend the conveyancers office in Hackney. Conveyancing lawyers for you will transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you will be able to pick up the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
When it comes to lenders such as Aldermore, do Hackney conveyancers have to pay an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
Kent Reliance have agreed my mortgage in principle, my offer on a property in Hackney has been accepted, what happens next?
Your property agent will wish to be advised as to your conveyancing practitioner's details (ensure that the conveyancing practitioners are on the bank’s approved list). Contact Kent Reliance or the financial adviser and complete any appropriate documentation. Kent Reliance will instruct a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to occur. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. Kent Reliance will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hackney.
How does conveyancing in Hackney differ for newly converted properties?
Most buyers of new build or newly converted property in Hackney come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Hackney typically buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Hackney or who has acted in the same development.
We're new on the property ladder - agreed a price, yet the agent told us that the owners will only proceed if we appoint their chosen conveyancers as they want a ‘quick sale’. We would rather use a local solicitor who is accustomed to conveyancing in Hackney
We suspect that the owner is unaware of this demand. Should the vendor desire ‘a quick sale', alienating a genuine buyer is going to damage their objectives. Speak to the owners direct and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are chain free (d) you intend to proceed fast (e)however you will continue to instruct your preferred Hackney conveyancing lawyers - rather thanthose that will earn the estate agent a kickback or hit his conveyancing figures set by corporate headquarters.
My husband and I may need to let out our Hackney 1st floor flat for a while due to a new job. We instructed a Hackney conveyancing firm in 2003 but they have closed and we did not have the foresight to get any advice as to whether the lease permits subletting. How do we find out?
Some leases for properties in Hackney do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to review references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
Notwithstanding our best efforts, we have been unsuccessful in trying to purchase the freehold in Hackney. Can this matter be resolved via the Leasehold Valuation Tribunal?
in cases where there is a missing freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes you can apply to the Leasehold Valuation Tribunal to make a decision on the premium.
An example of a Freehold Enfranchisement decision for a Hackney flat is 150 Amhurst Road in December 2013. The tribunal concluded that the premium to be paid by the applicant for the enfranchisement of the subject property was £43,500. This case related to 4 flats. The unexpired term was 90 (or thereabouts).