I am in the process of selling my flat in Hinckley and the estate agent has just called to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. On what basis would a major mortgage company only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Hinckley ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies attribute this action to a rise in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your purchasers are unlikely to have any impact on this.
Finally the sale completed on my house in Hinckley last August but the buyer keeps e-mailing daily complaining that his solicitor needs to hear from myconveyancer. What are the post completion sale formalities following completion?
Following your house sale your conveyancer is obliged to forward the transfer documentation and all of the paperwork to the purchaser's lawyers. Where relevant, your conveyancer must also send confirmation that the legal charge in favour of the lender has been discharged to the buyers lawyers. There are no post completion tasks peculiar conveyancing in Hinckley.
We have agreed to purchase a house in Hinckley. One unusual aspect is that the roof has a solar panel. Aldermore have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Aldermore your lawyer must check the conveyancing instructions contained in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook contains minimum provisions for solar panel roof-space leases, and solicitors are required to report to Aldermore where a lease does not comply with these specifications. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Hinckley.
We were going to get a DIP from HSBC this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Hinckley solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Hinckley solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
TSB have agreed my home loan in principle, my bid on a house in Hinckley has been agreed to, now what?
The estate agent will need to know who your solicitors are (ensure that the conveyancers are on the bank’s approved list). Contact TSB or the broker and complete any appropriate documentation. TSB will appoint a valuer who will get in contact with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. TSB will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Hinckley.
four months have elapsed since my purchase conveyancing in Hinckley concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I work for a reputable estate agent office in Hinckley where we have witnessed a few flat sales put at risk as a result of short leases. I have received inconsistent advice from local Hinckley conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner 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 proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
I am the registered owner of a 1 bedroom flat in Hinckley, conveyancing was carried out in 2002. 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? Similar properties in Hinckley with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2093
With 67 years remaining on your lease the likely cost is going to range between £10,500 and £12,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
My intention is to purchase a garden maisonette in Hinckley. Conveyancing lawyer has been awaiting, from the vendor, building insurance documents. This morning I was informed that the owner needs to send the insurance schedule for the flat above also. Why does my lawyer want to see the insurance for the other flat? Is it strictly required? We have been stalled for the previous fortnight…
It is not unheard of in leasehold conveyancing in Hinckley to discover Conveyancing in Hinckley in a minority of cases reveals that the lease obliges the leasehold owners to insure their individual flats rather than the freeholder insuring the complete property - which is definitely preferable. Do contact your lawyer but it would appear that your lawyer is looking to establish that the complete building is insured. Insuring your apartment is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed for lack of insurance cover.