I am nearing exchange of contracts for my flat in Hampshire and the EA has just text me to warn that the buyers are switching property lawyer. The excuse is that the bank will only work with solicitors on their conveyancing panel. On what basis would a big named mortgage company only work with specific solicitors rather the firm that they want to appoint for their conveyancing in Hampshire ?
UK lenders have always had an approved set of law firms that can represent them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.
Mortgage companies blame a rise in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any sway in the decision.
I am considering applying for a Lloyds mortgage for purchase of a new build (under development) in Hampshire with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Lloyds ?
In theory, you could use a solicitor that is not on the Lloyds conveyancing panel, but Lloyds 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.
What does a local search reveal concerning the house I am buying in Hampshire?
Hampshire conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for instance Searches UK The local search is essential in every Hampshire conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
Hoping to buy a property located in Hampshire and I am already nervous. I couldn't find anything specific about Hampshire. Conveyancing will be needed in due course but do you know about the Hampshire area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Hampshire. In the meantime here are some basic statistics that we found
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Hampshire. Conveyancing advisers have not yet been appointed. Will they explain the issues?
The majority of houses in Hampshire are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Hampshire in which case you should be looking for a Hampshire conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. First you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
Leasehold Conveyancing in Hampshire - A selection of Queries Prior to buying
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Are there any major works in the planning that could add a premium to the service costs? Who are the managing agents? What is the length of the lease?
We have been advised by numerous estate agents to expect 6-8 weeks for Hampshire conveyancing to complete.This was 3 ago. The paperwork was only sent from the vendors solicitor last week so now does it countdown?
There is no categorical time frame for conveyancing in Hampshire. Conveyancing is subject to many variable. Hampshire conveyancing searches alone could take up to month to come back.