I am considering applying for a UBS mortgage for purchase of a new build (under development) in Hingham with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for UBS ?
There is nothing to stop you using your solicitor, but UBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Is it the case that all Hingham solicitor firms on the Barclays conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be governed by the SRA. Many mortgage companies do list licenced conveyancers on their panel and in such a situation the practice would be regulated by the CLC.
I am currently in the process of buying my council flat in Hingham. I have a mortgage offer with Skipton. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Skipton, you will need to appoint a solicitor on the Skipton conveyancing panel.
I currently have a mortgage with TSB for my property in Hingham. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
You must advise TSB in advance of letting out your property as this is likely to be a breach of TSB’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel solicitor.
How does conveyancing in Hingham differ for newly converted properties?
Most buyers of new build premises in Hingham contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Hingham typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hingham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Hingham I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Hingham suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the shortness of the lease may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension 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 lawyer about this.
I need to retain a conveyancing solicitor for purchase conveyancing in Hingham. I happened to land on a web site which looks to be the ideal solution If it is possible to get all formalities completed via email that would be preferable. Should I be wary? What should out be looking out for?
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?
I've found a house that seems to be perfect, at a great figure which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Hingham. Conveyancing advisers have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Hingham ?
Most houses in Hingham are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Hingham so you should seriously consider looking for a Hingham conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is part of an estate. Your lawyer should report to you on the legal implications.