My wife and I are buying a 1 bedroom apartment in Hertfordshire with a mortgage. We would like to retain our Hertfordshire lawyer, however the mortgage company advise he's not on their "panel". We have to appoint one of the mortgage company panel conveyancing practices or continue with our Hertfordshire property lawyer and pay for one of their panel lawyers to represent them. We consider that this is unjust; is there anything we can do?
No, not really. Your mortgage offer 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 Hertfordshire conveyancing solicitor to apply to be on the conveyancing panel.
Why do I have to pay up front for conveyancing in Hertfordshire?
Where you are retaining lawyers for conveyancing in Hertfordshire your solicitor will request that you put them with funds to cover the search fees. Normally this is asked for to cover the fees of the Local Authority Search. If any down payment is as part of the total price then this will be asked for immediately ahead of contracts are exchanged. Any further balance that is due should be transferred a couple of days prior to the completion date.
I am expecting a AIP from HSBC this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do HSBC recommend any Hertfordshire solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint Hertfordshire solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
I have paid off my mortgage with TSB. I assume I don't need a Hertfordshire conveyancing practitioner on the TSB panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your TSB mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the TSB mortgage from the register. TSB, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where TSB has sent the Land Registry the discharge electronically, and
- TSB has instructed the Land Registry to do so
Principality have agreed my home loan in principle, my bid on a flat in Hertfordshire has been agreed to, what are the next steps?
Your property agent will wish to be informed of your conveyancing practitioner's details (be sure the property lawyers are on the bank’s approved list). Call up Principality or your broker and finalise any appropriate paperwork. Principality will instruct a valuer who will get in touch with the selling agent or seller to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Principality will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hertfordshire.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Hertfordshire I like with amenity areas and transport links nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Hertfordshire suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the shortness of the lease may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I was pointed in your direction by a few property agents in Hertfordshire to find a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your services over another?
We refuse to offer any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.