My conveyancer has discovered a defect with the lease for the apartment we are buying in Honor Oak. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the bank is happy with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. These conveyancing instructions must be adhered to.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Honor Oak with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Have completed on a a terraced house in Honor Oak , how long will it take for the Land Registry to deal with the formalities evidencing the transfer to my name? My Honor Oak conveyancing solicitor works at snail pace, so I want to be sure that my name is recorded.
As far as conveyancing in Honor Oak registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can vary subject to who lodges the application, whether it is in order and if the Land registry must send notices to any other persons or bodies. At present in the region of 80% of submission are fully addressed within 12 days but some can be subject to extensive hold-ups. Registration occurs once the new owner is living at the premises so registration formalities is not always an essential issue but where it is urgent that the the registration takes place urgently then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Honor Oak differ for new build properties?
Most buyers of new build or newly converted property in Honor Oak come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Honor Oak tend to purchase 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 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 used to new build conveyancing in Honor Oak or who has acted in the same development.
I decided to have a survey done on a house in Honor Oak before appointing conveyancers. I have been advised that there is a flying freehold aspect to the property. My surveyor has said that some lenders tend not grant a loan on a flying freehold home.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Honor Oak. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to instruct a conveyancing lawyer in Honor Oak for my home move. Is it possible to check a solicitor's complaints history with the profession’s regulator?
One may search for published Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. For information about the period before 1 January 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training requirements.