Our solicitor has uncovered a defect with the lease for the apartment we are buying in Henleaze. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Notwithstanding that you have a mortgage offer from the mortgage company 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 requirements. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
I own a freehold premises in Henleaze but still pay rent, why is this and what is this?
It is rare for properties in Henleaze and has limited impact for conveyancing in Henleaze but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
We expect to receive a DIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Henleaze solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Henleaze solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
My wife and I are in the throws of viewing apartments in Henleaze and I am about to put in an offer. Is it premature to have a solicitor in place? I will be getting a home loan with Co-operative.
You should start requesting conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are getting a mortgage with Co-operative, ask your prospective lawyers if they are on the Co-operative conveyancing panel otherwise they can't do the mortgage legal work.
RBS have agreed my mortgage in principle, my offer on a property in Henleaze has been accepted, what happens next?
Your estate agent will want to be informed of your solicitor's details (ensure that the lawyers are on the bank’s approved list). Call up RBS or the broker and complete any appropriate forms. RBS will sellect a valuer who will get in touch with the selling agent or seller to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a fortnight for the mortgage offer to be issued. RBS 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 Henleaze.
How does conveyancing in Henleaze differ for new build properties?
Most buyers of new build premises in Henleaze come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because house builders in Henleaze usually buy 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 property lawyers 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 Henleaze or who has acted in the same development.
Should I be concerned about estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a local Henleaze conveyancing practice?
As is the case with many service providers, often referrals from family and friends can be extremely useful or valuable. But there are numerous players in a conveyancing matter; estate agents, mortgage brokers and banks might all suggest conveyancers to instruct. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to choose your own conveyancer. Don't forget that many mortgage providers specify a panel list of lawyers you have to use for the mortgage aspect of your conveyancing.
My boyfriend is purchasing a ground floor flat in Henleaze. He has received a fee estimate by the conveyancing practitioner connected to the selling agents totaling £1275 . It was fifteen years ago since I sold and purchased a house and it cost was £495. Have costs really increased to that extent?
You should e-mail 3 or 4 local Henleaze conveyancing firms requesting estimates. It is advisable to base your choice not solely on cost, but on promptness and on how comprehensive the response was.