I am in the process of selling my home in Hanslope and the estate agent has just telephoned to advise that the buyers are switching property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. Why would a major lender only engage with certain lawyers rather the firm that they want to select to handle their conveyancing in Hanslope ?
Mortgage companies have always had an approved set of law firms they are content to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for many years.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
There are plenty of conveyancing solicitors in Hanslope but how do I know who's good?
It would be unwise to be tempted by the cheapest Hanslope conveyancing fees. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
A colleague pointed out to me me that in buying a property in Hanslope there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in Hanslope which have some sort of restriction or requirement of consent to carry out external variations. Part of the conveyancing in Hanslope should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am being told by my conveyancer that missing deeds insurance is required on my purchase. What is the level of cover for Hanslope conveyancing?
The appropriate level of missing deeds indemnity insurance should be dictated by who who your lender is. It would differ for example between Accord Mortgages Ltd and Barnsley Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Should my lawyer be asking questions concerning flooding during the conveyancing in Hanslope.
Flooding is a growing risk for solicitors carrying out conveyancing in Hanslope. There are those who acquire a house in Hanslope, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, however there are a various searches that may be initiated by the purchaser or on a buyer’s behalf which can give them a better understanding of the risks in Hanslope. The conventional set of information given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the vendor to determine if the property has historically flooded. In the event that the property has been flooded in past and is not disclosed by the owner, then a purchaser could bring a compensation claim stemming from an incorrect reply. The purchaser’s conveyancers may also commission an enviro search. This should disclose if there is any known flood risk. If so, further investigations will need to be initiated.
Me and my brother own a 4 bedroom Georgian property in Hanslope. Conveyancing lawyer acted for me and Barclays . I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hanslope and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with your conveyancing solicitor who conducted the purchase.
In my capacity as executor for the will of my grandfather I am disposing of a property in Monmouth but I am based in Hanslope. My solicitor (approximately 235 kilometers awayrequires that I sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing solicitor in Hanslope to attest this legal document for me?
Technically speaking you are unlikely to need to have the documents witnessed by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will be fine regardless of whether they are Hanslope based
I've found a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a house with a leasehold title in Hanslope. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Hanslope are freehold rather than leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Hanslope so you should seriously consider shopping around for a Hanslope conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will report to you on the legal implications.
I invested in buying a garden flat in Hanslope, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Hanslope with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2101
With just 78 years remaining on your lease we estimate the premium for your lease extension to be between £7,600 and £8,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.