I had intended to instruct a property lawyer in Hailsham for our house purchase. Our financial adviser has since notified us that our mortgage company HSBC Bank won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most lenders had a different appetite for risk. Almost all Hailsham conveyancing firms would have been on most lender panels. The financial services regulator in 2010 conducted a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more data from law firms regarding their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Hailsham conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Hailsham is one of the numerous areas where the solicitors we recommend are are approved HSBC Bank.
I have been advised by my solicitor that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Hailsham?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Barnsley Building Society. Conveyancing lawyers as opposed to borrowers take out such policies.
I'm the only beneficiary of my late mum's will and I have everything in my name now, including the my former home in Hailsham. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my property ownership will be regarded the same way as though I had purchased the property in December. Do I have to wait 6 months to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Some mortgage companies would take a sensible view as this requirement chiefly exists to pick up on the purchase and immediately sell or the quick reselling of property.
I have paid off my mortgage with Skipton. I assume I don't need a Hailsham property lawyer on the Skipton panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Skipton mortgage from the register. Skipton, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
Are there any apps to help identify a Hailsham law firm on the Godiva Mortgages Ltd conveyancing panel? I have a car and am prepared to travel upto 20kilometers to meet the solicitor.
You can use the facility on this website. Please select a lender and your location and you will see a number of Hailsham conveyancing lawyers located nearest you. We have detailed some Hailsham conveyancing firms towards the end of this page and you can call them to see if they are on the Godiva Mortgages Ltd member panel
I need to retain a conveyancing solicitor for residential conveyancing in Hailsham. I happened to stumble across a web site which looks to be the ideal offering If there is a chance to get all this stuff completed via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a busy estate agency in Hailsham where we have experienced a few flat sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Hailsham conveyancing solicitors. Could you confirm whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a basement flat in Hailsham, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Hailsham with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2090
You have 67 years left to run we estimate the price of your lease extension to span between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
Can I find out who is the owner of a house in Hailsham?
As long as the premises is recorded at HMLR, and you have requisite specifics of the location of the property, you will be able to see details from the HMLR of the registered owner for a fee.