Our conveyancer has discovered a a problem with the lease for the flat we are purchasing in Osterley. The seller’s lawyers have suggested defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your property lawyer will have no choice but to discontinue acting for you.
We previously chose conveyancing lawyers with offices in Osterley on the Skipton solicitor approved list. They have just billed me a further amount for dealing with the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your conveyancing practitioner can levy a fee for this. The charge is not dictated by Skipton but by your Osterley property lawyer. Numerous firms on the Skipton panel will quote an ‘acting for lender’ fee and others do not.
My partner and I have arranged the release of further monies on our home loan from HSBC as we want to carry out alterations to our home in Osterley. Are we obliged to choose a high street Osterley solicitor on the HSBC conveyancing panel to handle the legals?
HSBC do not ordinarily require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC conveyancing panel.
I have a mortgage with HSBC for my property in Osterley. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval in advance of renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC 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 HSBC directly. You need not do this via a HSBC conveyancing panel solicitor.
It has been four months since my purchase conveyancing in Osterley concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 premises 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 decided to have a survey completed on a property in Osterley prior to instructing solicitors. I have been advised that there is a flying freehold element to the house. The surveyor advised that some banks will not give a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different instructions for example to Halifax. Should you wish to telephone us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Osterley. Conveyancing will be smoother if you use a solicitor in Osterley especially if they are accustomed to such properties in Osterley.
What does commercial conveyancing in Osterley cover?
Non domestic conveyancing in Osterley covers a wide array of advice, offered by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
We are in the process of selling our flat in Osterley. Conveyancing is fine but we are being charged an extortionate amount from the freeholder. To date we have paid £268 for a leasehold management information and then a further £118 for answers to questions supplied by the buyers property lawyer.
Your lawyer will not have any impact over the level of the charges for this information however the typical costs for the information for Osterley leasehold property is £395. When it comes to Osterley conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are not duty bound to address such questions most will agree to do so - albeit often at exorbitant prices out of proportion to the work involved. Unfortunately there is no law that requires capped charges for administrative tasks. There is no set time limit by which they are required to provide the information.