My husband and I decided to purchase a newly converted apartment in Lozells with a residential mortgage from HSBC Bank.We like our Lozells conveyancing practitioner but HSBC Bank informed us he's not listed on their approved list of member firms. we are left little option but to use a HSBC Bank panel lawyer or keep our preferred solicitor and fork out for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan offered to you contains terms and conditions, a common one being that lawyers must be on the HSBC Bank conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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 lawyer to apply to be on the conveyancing panel for HSBC Bank
When it comes to mortgage companies such as Leeds Building Society, do Lozells solicitors have to pay an annual charge to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Lozells building society branch on numerous occasions and was told they are content with the situation and they would lend. My Lozells conveyancing solicitor - who is on the bank conveyancing panel- called to say that they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the property lawyer is on the bank panel, they must comply with the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
My sealed bid on a semi in Lozells has been accepted, but there is a chain. The owners have placed an offer on a property, however it’s not yet agreed to, and have viewings of other properties booked. I have selected a local conveyancing solicitor in Lozells. What do I do now? When should I get the mortgage application with Principality going?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is approx one thousand pounds, then survey, Lozells conveyancing search fees, etc). The first thing to do is ensure that your lawyer is on the Principality approved list. As to the subsequent steps this very much depends on the specifics of your case, desire for the property and on the state of the market. In a hot market many purchasers will apply for a home loan with Principality and arrange for the valuation and only if it was satisfactory would they request their lawyer to proceed with the conveyancing in Lozells.
I used Arc property Solicitors several years past for my conveyancing in Lozells. Now, I need the documents but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Lozells of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I today plan to offer on a house that appears to be perfect, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Lozells. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Lozells ?
The majority of houses in Lozells are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Lozells in which case you should be shopping around for a Lozells conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I bought a basement flat in Lozells, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Lozells with an extended lease are worth £170,000. The ground rent is £50 per annum. The lease finishes on 21st October 2099
With 78 years unexpired the likely cost is going to be between £7,600 and £8,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
Am in the process of buying my 1st house in Lozells. Conveyancing practitioner already appointed. The broker suggested that a survey is not appropriate as the house was only constructed 16 yrs ago.
You would be best advised to undertake a Home Buyer's Report. As the property is more than ten years old the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report may suffice. They will highlight any apparent issues and recommend further investigation where appropriate. Where there are any signs of material issues get a comprehensive structural survey.