My lawyer has discovered a defect with the lease for the property we are buying in Alton. The other side have offered title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company 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 mortgage company 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 conveyancer will have no choice but to discontinue acting for you.
My aunt advised me that in buying a property in Alton there could be a number of restrictions limiting what one can do in terms of external changes to a property. Is this right?
We are aware of a number of properties in Alton which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Alton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
Yorkshire BS have agreed my home loan in principle, my bid on a property in Alton has been agreed to, what happens next?
Your property agent will wish to be advised as to your conveyancer's details (ensure that the lawyers are on the lender’s approved list). Contact Yorkshire BS or your broker and finish off any relevant paperwork. Yorkshire BS will sellect a valuer who will get in touch with the estate agent or vendor to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average a fortnight to receive the mortgage offer. Yorkshire BS will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Alton.
At last I have had an offer on a flat in Alton accepted, the owners do however have a dependent purchase. The owners have offered on on an apartment, but it’s not been accepted yet, and are looking at other apartments in the pipeline. I have selected a nearby conveyancing solicitor in Alton. What do I do now? When should I get the mortgage application with Aldermore started?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx one thousand pounds, then valuation, Alton conveyancing search fees, etc). The first course of action is to check that your conveyancing practitioner is on the Aldermore conveyancing panel. As to the subsequent steps this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a rising market many home buyers will apply for a home loan with Aldermore and arrange for the valuation and only if it comes back ok would they request their property lawyer to move forward with the conveyancing in Alton.
Various online forums that I have visited warn that are the number one cause of hinderance in Alton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Alton.
I am purchasing my first flat in Alton with a mortgage from Skipton Building Society. The sellers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The property agent told me not disclose to my solicitor about this deal as it would jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to exchange soon on a ground floor flat in Alton. Conveyancing lawyers assured me that they report fully on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Alton should include some of the following:
-
specifics of the parties to the lease, for instance these could be the lessee, superior lessor, landlord Changes to the flat Do you need to have carpet in the flat or are you allowed wood flooring? Responsibility to repair and maintain the main walls and foundations. It is essential for you to know who is responsible the repair and maintenance of every part of the building The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
Leasehold Conveyancing in Alton - Sample of Queries before buying
-
Does the lease contain onerous restrictions? Be sure to find out if there is anything that is prohibited in the lease. For example some leases prohibit pets being permitted in certain buildings in Alton. If you love the propertyin Alton yet your dog is not allowed to live with you then you will be faced hard compromise. For most Alton leaseholds the outlay for major works are not wrapped into the service charges, although some managing agents in Alton require leaseholders to contribute towards a sinking fund and this is used to offset against major works.
We are looking to acquire a repossessed property in Alton and the bank selling require completion inside 28 days. Can a lawyer meet that timeframe? Am I best advised to use a local Alton firm or an online firm that advertises to complete quickly?
Visit your Alton high street. Pop in to two or three solicitor’s offices and request to see a conveyancing solicitor for an estimate. Set out your situation and get assurances on time frames. Select the one that seems most genuine. You need to select a lawyer on the panel of solicitors who can act for your mortgage company.