My wife and I are intent on purchasing a flat in Hazlemere. My property lawyer is not listed on the lender conveyancing list. Am I still permitted to retain my Hazlemere conveyancing solicitor even though they are not on the lender panel?
You have a couple of alternatives open to you here
- Carry on with your existing Hazlemere property lawyer but your bank will no doubt retain a conveyancing practitioner on their conveyancing panel. This will result in additional cost together with probable frustration.
- Get a new conveyancing practitioner to conduct the conveyancing, obviously checking they are on the mortgage company conveyancing panel.
- Convince your conveyancer to seek to join the bank panel
We wanted to use a conveyancing solicitor in Hazlemere for our home move. Our financial adviser informed us that our bank Nottingham Building Society won't deal with them. Surely this is unfair competition?
Before the recession most mortgage companies had a different appetite for risk. Almost all Hazlemere conveyancing firms would have been on many mortgage company panels. The financial services regulator in 2010 carried out a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms regarding their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of conveyancing. Many Hazlemere 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. Hazlemere is amongst the thousands of locations where the solicitors showing on our search results are are authorised to act for Nottingham Building Society.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Hazlemere?
Unless a prior acquisition of the premises took place after 12 October 2013 you may take it that solicitors conducting conveyancing in Hazlemere to remain encouraging a chancel search and or insurance against a claim.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Hazlemere is the location of the property. Can you offer any advice?
Flying freeholds in Hazlemere are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hazlemere you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hazlemere may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Is it possible to switch solicitor as I have to retain a firm on the Nottingham Building Society conveyancing list. I was using a family conveyancing solicitor in Hazlemere five minutes from me but the firm is not accepted by Nottingham Building Society
It would be our pleasure to assist you find a conveyancing solicitor in Hazlemere on the Nottingham Building Society panel. Please note that the law firms that we list do not pay us fee if you instruct them and are authorised and regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Hazlemere. Using search facility on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Hazlemere.
Can you provide any top tips for leasehold conveyancing in Hazlemere from the point of view of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Hazlemere can be bypassed if you instruct lawyers as soon as your agents start advertising the property and ask them to collate the leasehold information which will be required by the buyers’ lawyers. A minority of Hazlemere leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have the benefit of shareholding in the freehold, you should make sure that you have the original share certificate. Organising a new share certificate is often a time consuming process and slows down many a Hazlemere home move. If a new share certificate is needed, do contact the company director and secretary or managing agents (if relevant) for this at the earliest opportunity. If you have carried out any alterations to the property would they have required Landlord’s permission? Have you, for example laid down wooden flooring? Hazlemere leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. Where you fail to have the approvals in place do not contact the landlord without contacting your conveyancer in the first instance.
I purchased a 1 bedroom flat in Hazlemere, conveyancing was carried out in 1996. Can you work out an approximate cost of a lease extension? Similar properties in Hazlemere with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease terminates on 21st October 2078
With 54 years left to run the likely cost is going to range between £31,400 and £36,200 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.