My husband and I are planning to buy a 2 bedroom flat in Haggerston with a mortgage. We have a Haggerston solicitor, but the lender says he's not on their "panel". It appears that we have little option but to use one of the bank panel conveyancing practices or keep our Haggerston conveyancing practitioner and pay for one of their panel lawyers to represent 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 lender’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. Another option that might be available is for your Haggerston conveyancing solicitor to apply to be on the conveyancing panel.
My conveyancer has identified a a problem with the lease for the property we are purchasing in Haggerston. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must be satisfied that the lender is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your solicitor will have no choice but to discontinue acting for you.
Why is leasehold purchase conveyancing in Haggerston costs more?
Haggerston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
How does conveyancing in Haggerston differ for newly converted properties?
Most buyers of new build property in Haggerston come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is finished. This is because builders in Haggerston tend to 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 property lawyers 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 Haggerston or who has acted in the same development.
Harry (my fiance) and I may need to rent out our Haggerston ground floor flat temporarily due to a new job. We used a Haggerston conveyancing firm in 2001 but they have since shut and we did not think at the time get any advice as to whether the lease permits subletting. How do we find out?
A lease governs the relationship between the landlord and you the flat owner; in particular, it will set out if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no expres ban or restriction, subletting is allowed. The majority of leases in Haggerston do not contain strict prohibition on subletting – such a provision would undoubtedly devalue the property. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly sending a duplicate of the sublease.
My wife and I have hit a brick wall in negotiating a lease extension in Haggerston. Can the Leasehold Valuation Tribunal adjudicate on premiums?
You certainly can. We are happy to put you in touch with a Haggerston conveyancing firm who can help.
An example of a Lease Extension case for a Haggerston property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The remaining number of years on the lease was 72.39 years.