Much to our surprise we have been told by our estate agent that my Hyde Park property lawyer is not on the lender Solicitor panel. What can I do to be sure whether this is correct?
You need to call your Hyde Park lawyer directly. It is reasonable to expect your lawyer to inform you of the situation. If they are not on the panel they may be able to suggest a Hyde Park conveyancing practice that is on the approved list of lawyers for your bank.
What is your number one tip for choosing a conveyancing solicitor in Hyde Park
It would be unwise to be tempted by the lowest Hyde Park conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Is it the case that all Hyde Park solicitors on the TSB conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the TSB conveyancing panel they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel and in such a situation the firms would be overseen by the CLC.
I am due to exchange contracts on my flat. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Lloyds are being pedantic. The Hyde Park solicitor who is on the Lloyds conveyancing panel is recommending indemnity insurance as a solution but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Just had an offer accepted on a new build flat in Hyde Park. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Hyde Park
-
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please confirm the Lease plans are architect prepared. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified.
I'm refinancing my primary property to a BTL mortgage with Leeds Building Society and I will use the rest of the raised equity towards a second house. The area we are looking at is Hyde Park. Will your conveyancers be able to act for both sets of banks and tie in the two deals?
Do use our comparison tool on this page to ensure that the solicitors are on the relevant lender panels. Having checked that they are the solicitor should be able to simultaneously deal with the two transactions but you should have a chat with you lawyer and make apparent your expectations and needs.
What makes a Hyde Park lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Hyde Park. All leases are drafted differently and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:
-
Clauses dealing with recovering service charges for expenditure on the building or common parts.
You will have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Skipton Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.
Leasehold Conveyancing in Hyde Park - Sample of Queries Prior to buying
-
Is there a share of the freehold? The answer will be helpful as a) areas can result in problems in the block as the common areas may begin to deteriorate if services remain unpaid b) if the tenants have a dispute with the running of the building you will need to have full disclosure Where a Hyde Park lease has less than eighty years it will have adverse implications on the marketability of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth discovering what this would cost. For most Hyde Parklease extensions you will need to own the property for a couple of years before you are eligible to extend the lease.
Please set out some of distinct advantages to choosing a local property lawyer in Hyde Park
Many purchasers and sellers in Hyde Park choose a local property lawyer so that they can attend the firm’s offices just in case they have problems, and to collect documents rather taking the chance of relying on the post.
There is a distinct advantage when using a conveyancing practitioner local to a property you are purchasing, due to the knowledge of the locality and potential local concerns - but this is moot. Many conveyancers are now through email and could be anywhere in the world.