My husband and I are looking to buy a house in Hope and are in fact using a Hope conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nationwide Building Society have this morning contacted us to advise us that they have now hit a problem as our Hope solicitor is not on their approved list of lawyers. What do we do from here?
If you are buying a property requiring a mortgage it is usual for the purchasers' lawyers to also represent 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 Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Hope solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am the registered owner of a freehold residence in Hope yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Hope and has limited impact for conveyancing in Hope 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
What happens if my lawyer’s firm is removed from the Leeds Building Society Conveyancing panel ahead of completing my conveyancing in Hope?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Is there anything unique about your site and alternative internet conveyancing brokers for conveyancing in Hope?
At this site secure a fixed fee quote via a Solicitor or Licensed Conveyancer that understands the issues of your conveyancing in Hope. Unlike many estate agents and many comparison sites we do not charge firms a fee if you select them for your home move in Hope
We are 14 days into a leasehold purchase having been referred to a firm by the estate agent to carry out the conveyancing in Hope. I am am very dissatisfied with the level of service. Could you help me find new solicitors?
A lawyer would need to be really bad to suggest changing them. Has the loan offer been issued? In the event that it has you need to make them aware of the new contact details and get the loan are re-issued. Your solicitor ideally should be on the lenders approved list to avoid added expenses and delays. That should be your first question of the new lawyers. Our find a solicitor tool can help you find a bank approved lawyer for your home move in Hope
I am employed by a long established estate agent office in Hope where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have received contradictory information from local Hope conveyancing firms. Could you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done 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 purchaser.
Hope Leasehold Conveyancing - Examples of Queries before buying
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In the main the cost for major works tend not to be included within service charges, although there some managing agents in Hope obliged leaseholders to contribute towards a reserve fund and this is used to offset against larger works. Its a good idea to find out as much as possible about the company managing the block as they will either make living at the property much simpler or a lot more difficult. As the proprietor of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to day to day matters such as the cleanliness of the common parts. Ask other people what they think of their service. In conclusion, be sure you know the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. The best form of lease structure is a share of the freehold. In this arrangement the tenants enjoy control and even though a managing agent is frequently employed where the building is larger than a house conversion, the managing agent is directed by the tenants.