My husband and I are hoping to buy a flat in Heston and have instructed a Heston conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. HSBC Bank have this evening contacted us to inform me that there is now an issue as our Heston conveyancer is not on their approved list of lawyers. Please explain?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Heston solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
My wife and I are only a couple days away from an exchange on a property in Heston and my parents have sent the ten percent deposit to my solicitor. I am now told that as the deposit has not arrived from me my conveyancer needs to make a notification to my mortgage company. Apparently, in also acting for the mortgage company he must advise them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?
The conveyancer is legally required to clarify with lender to make sure that they know that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your lender if you agree, failing which, your lawyer must cease to continue acting.
I am the registered owner of a freehold house in Heston but nevertheless charged rent, why is this and what is this?
It is rare for properties in Heston and has limited impact for conveyancing in Heston but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
The estate agent has sent us the confirmation of our purchase of a new build flat in Heston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Heston
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
I am looking for a ground for flat up to £305k and identified one close by in Heston I like with a park and transport links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Heston suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a mortgage that many years may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I need to appoint a conveyancing solicitor for some conveyancing in Heston. I happened to stumble upon a site which looks to be the ideal offering If there is a chance to get all the legals completed via phone that would be preferable. Should I be wary? What are the potential pitfalls?
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?