My lawyer has discovered a a problem with the lease for the flat we are purchasing in Arnside. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must be satisfied that the mortgage company is willing to move forward with this solution. Who is the client here, us or the mortgage company ?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender specifications must be adhered to.
We're in Arnside, First time buyers purchasing with a mortgage (lender is HSBC , and our lawyer is on the HSBC conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Should my lawyer be making enquiries about flooding during the conveyancing in Arnside.
The risk of flooding is if increasing concern for lawyers dealing with homes in Arnside. There are those who purchase a property in Arnside, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, however there are a various searches that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Arnside. The conventional set of information supplied to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the owner to discover whether the premises has historically flooded. If the residence has been flooded in past which is not disclosed by the owner, then a buyer could issue a legal claim for losses as a result of such an inaccurate response. The purchaser’s conveyancers will also commission an enviro report. This will disclose whether there is a recorded flood risk. If so, further investigations should be made.
I opted to have a survey done on a house in Arnside prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the property. My surveyor has said that some banks tend not give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you call us we can check with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Arnside. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Arnside to see if the conveyancing costs will increase in light of this.
I am using a search engine for the phrase cheap conveyancing in Arnside it brings up many solicitorslocally. How do I determine which is the suitable conveyancing solicitor for my move?
The ideal way of seeking a suitable conveyancer is through a personal recommendation, so ask colleagues and those you trust who have purchased a property in Arnside or a local estate agent or mortgage broker. Charges for conveyancing in Arnside differ, so it's a good idea to obtain at least three estimates from varying types of companies. Make sure that you know that the charges are guaranteed not to to be inflated.
Should I stop the direct debit for my mortgage with Santander once a completion date for my sale in Arnside has been agreed?
You are best advised to keep meeting any mortgage sums to Santander until the mortgage is paid off on completion as part of your Arnside conveyancing.