Is there a reason why leasehold purchase conveyancing in Penzance costs more?
Penzance leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) in Penzance with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
We are buying a property in Penzance. It might be a silly question but how we can trust a lawyer? On completion day we have to send money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
My bid for a property was accepted at auction in Penzance. Conveyancing is required. What happens now?
Having exchanged you now have to choose a conveyancing practitioner as a matter of priority as you are facing a tight a drop dead date to complete the property. Every auction property will have an associated legal pack. This should include most,if not all of the paperwork that your conveyancer will need. In the case of leasehold property the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to a leasehold property. You should pass this on to your appointed conveyancing solicitor ASAP. You also need to ensure that that you have the requisite funding in place to complete the transaction on the set completion date.
I have a mortgage with HSBC for my property in Penzance. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
You must advise HSBC before letting out your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. You need not do this via a HSBC conveyancing panel firm.
I am buying a property and the solicitor has identified Chancel Repair to which the property could be obligated to contribute to because it falls into the area of such a church. She has recommended insurance. Is this strictly warranted for conveyancing in Penzance
Unless a prior acquisition of the premises completed post 12 October 2013 you could take it that lawyers delivering conveyancing in Penzance to continue to advocate a chancel search and or chancel repair liability policy.
Myself and my wife have recently had an offer accepted on a flat and had meeting on Tuesday with Leeds Building Society for the mortgage. They have informed us that when it comes to choosing a conveyancing practitioner that unless they are on their approved list of solicitors then we will incur an extra charge of about two hundred pounds. This is because they will then have to select a conveyancer to act on their behalf in addition to the one we appoint on our behalf and we will be on the hook for their fees. I have requested Leeds Building Society to provide me with a list so I can request estimates only from their approved conveyancers but was told they dont have such a list to hand over. Is there a list online?
Ask Leeds Building Society what their criteria for panel membership is for a solicitor.Thereafter ask the property lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society previously. Where the answer to those is yes, then just clarify this with Leeds Building Society. Alternatively please make use of our search facility and we may be able to find you a solicitor in Penzance on the panel for Leeds Building Society.