I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) in Stony Stratford with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
is it true that all Stony Stratford solicitor practices on the Barclays conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Barclays conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do permit licenced conveyancers on their panel in which case such practice would be overseen by the Council of Licensed Conveyancers.
Completion of my remortgage has taken place for my property in Stony Stratford. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are resolved very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.
I have finally had an offer on a maisonette in Stony Stratford agreed to, but there is a chain. The owners have offered on a property, however it’s not yet agreed to, and are looking at other properties booked. I have chosen a nearby conveyancing solicitor in Stony Stratford. What should be my next step? At what stage should I apply for the mortgage with Virgin Money?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is in the region of one thousand pounds, then survey, Stony Stratford conveyancing search fees, etc). First, you must check that your solicitor is on the Virgin Money approved list. Concerning the next phase this very much dictated by the circumstances of your transaction, motivation for this property and on the state of the market. During a rising market many buyers would apply for the mortgage with Virgin Money and pay for the valuation and only if it comes back ok would they pay their lawyer to proceed with searches.
My company is hoping to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no costs for non-domestic conveyancing in Stony Stratford for below 1500k?
We can recommend firms who have an in-depth of experience of commercial conveyancing in Stony Stratford, including the disposal and acquisition of businesses as well as simply property. If you are looking to buy or lease a shop, pub, restaurant, office, retail unit or a whole business we can find you the right lawyer. Regarding the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your contact information or call so as to enable us to furnish you with a detailed commercial conveyancing quote.
My husband and I are new to the buying process - agreed a price, but the property agent advised that the owners will only proceed if we use the agent's preferred lawyers as they need a ‘quick sale’. We would rather use a family solicitor with experience of conveyancing in Stony Stratford
It is unlikely the sellers are behind this. If they want ‘a quick sale', taking such a hostile approach to a motivated purchaser is going to damage their objectives. Speak to the vendors direct and make the point that (a)you are genuine buyers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you will continue to instruct your preferred Stony Stratford conveyancing firm - as opposed tothose that will provide the estate agent a introducer fee or achieve conveyancing thresholds set by senior management.
Can you provide any advice for leasehold conveyancing in Stony Stratford from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Stony Stratford can be reduced if you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold information needed by the purchasers’ solicitors. If you hold a share in a the freehold, you should ensure that you hold the original share document. Organising a re-issued share certificate is often a lengthy process and slows down many a Stony Stratford conveyancing deal. If a duplicate share is required, you should approach the company officers or managing agents (where relevant) for this as soon as possible. If there is a history of conflict with your landlord or managing agents it is very important that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be concerned about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as historic rather than unresolved. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is less than 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your home on the market for sale. Some Stony Stratford leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
I purchased a leasehold flat in Stony Stratford, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Stony Stratford with a long lease are worth £171,000. The ground rent is £50 yearly. The lease runs out on 21st October 2098
With 79 years remaining on your lease we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.