Our lawyer has uncovered a a legal deficiency with the lease for the property we are purchasing in Hazlemere. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor says that he must ensure that the bank is happy with this solution. Who is the client here, us or the bank?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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 mortgage company are the client. The appropriate lender requirements have to be complied with.
My Conveyancer in Hazlemere is not on the Accord Mortgages Ltd Solicitor Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the Accord Mortgages Ltd panel?
Your options are as follows:
- Complete the purchase with your existing Hazlemere solicitors but Accord Mortgages Ltd will need to instruct a solicitor on their list of acceptable firms. This will result in additional overall conveyancing charges and cause frustration.
- Choose a new lawyer to act in the purchase, obviously checking they are Accord Mortgages Ltd approved.
- Persuade your Accord Mortgages Ltd solicitor to seek to join the Accord Mortgages Ltd panel
3 months have gone by since my purchase conveyancing in Hazlemere completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hazlemere differ for new build properties?
Most buyers of new build property in Hazlemere approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because builders in Hazlemere tend to purchase the site, 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 accustomed to new build conveyancing in Hazlemere or who has acted in the same development.
Am I better off to appoint a Hazlemere conveyancing lawyer based in the vicinity that I am buying? An old friend can execute the conveyancing but his firm is located 200miles drive away.
The primary upside of using a high street Hazlemere conveyancing practice is that you can drop in to sign documents, present your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a benefit. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and on the whole were happy that must surpass using an unknown Hazlemere conveyancing solicitor solely due to them being based in the area.
Looking forward to complete next month on a ground floor flat in Hazlemere. Conveyancing solicitors assured me that they are sending me a report on Monday. What should I be looking out for?
The report on title for your leasehold conveyancing in Hazlemere should include some of the following:
Repair and maintenance of the flat Are pets allowed in the flat? Whether your lease provides for a slush account for major works? Do you need to have carpet in the flat or are you allowed wood flooring? You should have a good understanding of the building insurance requirements
Leasehold Conveyancing in Hazlemere - A selection of Questions you should consider Prior to Purchasing
Make sure you discover if there is anything that is prohibited in the lease. For instance it is fairly common in Hazlemere leases that pets are not permitted in certain buildings in Hazlemere. If you love the apartmentin Hazlemere however your cat can’t move with you then you will be faced hard choice. What is the name of the managing agents? Please note if it is less than eighty years it will have adverse implications on the salability of the property. Check with your lender that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you would be be obliged to have owned the premises for two years in order to be eligible to extend the lease.