Me and my fiance are buying a 3 bedroom flat in Hove with a mortgage. We wish to retain our Hove conveyancer, however the bank says he's not on their "panel". It appears that we have little option but to use one of the mortgage company panel firms or retain our Hove lawyer and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Hove conveyancing solicitor to apply to be on the conveyancing panel.
What happens if my solicitor is expelled from the Clydesdale Solicitor panel ahead of completing my conveyancing in Hove?
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 for a fee.
How does conveyancing in Hove differ for new build properties?
Most buyers of new build or newly converted property in Hove contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Hove usually buy 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 used to new build conveyancing in Hove or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Hove I like with amenity areas and railway links in the vicinity, however it only has 52 years on the lease. There is not much else in Hove in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan the remaining unexpired lease term will likely be an issue. Reduce the price 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 may request that they 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 consult your conveyancing solicitor regarding this.
There are only Fifty years left on my flat in Hove. I now wish to extend my lease but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the Court. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. On the whole an enquiry agent should be helpful to try and locate and prepare a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on proving the landlord’s absence and the vesting order request to the County Court overseeing Hove.
Hove Leasehold Conveyancing - Examples of Queries before buying
It is important to be aware if a new roof is being installed or some other major work is anticipated that will be shared between the leasehold owners and will materially increase the the service charges or result in a specific payment. Is anyone aware of any major works anticipated that could add a premium to the service charges? This information is important as a) areas could result in problems for the block as the communal areas may start to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to have complete disclosure