My mortgage broker has requested my Hellesdon law firm’s panel member for the HSBC conveyancing panel. What is the best way to obtain this. I have tried my local Hellesdon branch but they don't know it.
You are best placed to get this information from your Hellesdon solicitor . Most Hellesdon law practices will retain a file or database of lender panel information which would include, if applicable, their conveyancing panel details for each lender.
The sellers of the house we are looking to purchase have appointed a conveyancing solicitor in Hellesdon who has suggested a lock out contract with a down payment 10k. Are such arrangements the norm for Hellesdon conveyancing transactions?
This form of agreement isn't frequently used in Hellesdon, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Furthermore, there is no certainty that just because the seller has signed a lock out contract they will sell to you. They may be motivated to break the agreement if they receive a big enough financial inducement to do so because an aggrieved party with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and this may not equalise the financial benefit that your vendor may secure by breaking the agreement, no matter how morally reprehensible that may be.
A friend advised me that if I am purchasing in Hellesdon I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Hellesdon conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Hellesdon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hellesdon Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Hellesdon Education with maps and statistics, Local Amenities and other useful information about Hellesdon.
I am purchasing my first flat in Hellesdon with a mortgage from Coventry Building Society. The sellers would not move on the price so I negotiated 6k of additionals instead. The estate agent told me not reveal to my solicitor about the extras as it may adversely affect my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am employed by a long established estate agency in Hellesdon where we have witnessed a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Hellesdon conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease 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 can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 invested in buying a split level flat in Hellesdon, conveyancing having been completed May 2010. Can you work out an approximate cost of a lease extension? Corresponding properties in Hellesdon with a long lease are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2092
With only 73 years unexpired the likely cost is going to span between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.