My fiance and I are looking to acquire a house in Kings Langley and have appointed a Kings Langley conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. HSBC Bank have this evening contacted us to advise us that they have now hit a problem as our Kings Langley solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Kings Langley solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
Will my conveyancer be raising questions about flooding during the conveyancing in Kings Langley.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Kings Langley. Some people will acquire a house in Kings Langley, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of checks that can be initiated by the purchaser or by their lawyers which should give them a better appreciation of the risks in Kings Langley. The standard information given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the seller to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer could bring a compensation claim as a result of such an misleading reply. The purchaser’s solicitors should also order an environmental search. This should reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be made.
How does conveyancing in Kings Langley differ for newly converted properties?
Most buyers of new build or newly converted property in Kings Langley approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Kings Langley tend to purchase the land, 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 conveyancers 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 Kings Langley or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Kings Langley before instructing lawyers. I have been told that there is a flying freehold element to the property. The surveyor advised that some mortgage companies may not give a loan on such a premises.
It depends who your proposed lender is. HSBC has different requirements for example to Halifax. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Kings Langley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Kings Langley to see if the conveyancing will be more expensive.
I only have 62 years remaining on my lease in Kings Langley. I now want to extend my lease but my freeholder is absent. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you or your lawyers have done all that could be expected to track down the freeholder. For most situations a specialist would be useful to conduct investigations and to produce a report to be accepted by the court as proof that the landlord can not be located. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Kings Langley.
Kings Langley Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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This question is helpful as a) areas can result in problems for the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will need to know about it Who is in charge of the building? The best form of lease arrangement is a share of the freehold. In this situation the lessees have control and notwithstanding that a managing agent is frequently retained where the building is larger than a house conversion, the managing agent employed by the leaseholders.
My wife and I hope to acquire our 1st home in Kings Langley. Conveyancing solicitor has been instructed. The mortgage adviser advised that a survey is not appropriate as the property was only built in 2001.
At the very least you should have a Home Buyer's Report. As the residence was built over a decade ago the property will be without a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be sufficient. The report should highlight any obvious issues and suggest further investigation if relevant. If there are any signs of problems seek a full Building Survey from the beginning.