Our conveyancer has identified a defect with the lease for the property we are purchasing in Freshwater. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 lender are the client. The appropriate lender specifications must be adhered to.
We're in Freshwater, FTBs buying with a mortgage (lender is Santander , and our lawyer is on the Santander conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Santander conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer 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.
I happen to be the single recipient of my late mum's will with all property in now in my sole name, including the house in Freshwater. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership may be treated the same way as if I'd bought the house in January. Is the property unsalable for six months?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be caught by that. How sensible a view mortgage companies take of it, depend on the lender as this requirement is chiefly there to identify subsales or the quick reselling of property.
It is unclear whether my lender requires a lease extension. I have telephoned my Freshwater building society branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Freshwater conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the lawyer is on the mortgage company panel, she or he must follow the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Nationwide have agreed my home loan in principle, my offer on a property in Freshwater has been accepted, what are the next steps?
Your estate agent will want to be advised as to your lawyer's details (make sure the conveyancers are on the bank’s panel). Call up Nationwide or your broker and finish off any appropriate paperwork. Nationwide will instruct a valuer who will get in touch with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Nationwide will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Freshwater.
I have todaydiscovered that Arc property Solicitors have closed. They conducted my conveyancing in Freshwater for a purchase of a freehold house 9 months ago. How can I be sure that my home is in my name in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Freshwater conveyancing specialists.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Freshwater is the location of the property. Can you shed any light on this issue?
Flying freeholds in Freshwater are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Freshwater you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Freshwater may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am due to assess costs for conveyancing in Freshwater from three property lawyer and appoint one. Do I tell them to hold tight until I a suitable house to buy.
We suggest that you wait to request your lawyer to start work and order searches once the sales memorandum has been issued by the estate agent particularly as Freshwater conveyancing searches are costly.