My solicitor has discovered a a legal deficiency with the lease for the apartment we are purchasing in Hoxton. The seller’s lawyers have suggested defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the mortgage company is happy with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the lender 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 bank are the client. The appropriate lender specifications must be adhered to.
Is there a reason why leasehold purchase conveyancing in Hoxton costs more?
Hoxton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Hoxton?
There are many recorded licenced Conveyancers in Hoxton and Solicitor practices in Hoxton offering conveyancing We would stress that both are regulated professionals specialising in the legal work in transferring property. They may both also conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We are getting a further advance on our home loan from Coventry BS as we intend to conduct alterations to our home in Hoxton. Are we obliged to choose a bricks and mortar Hoxton solicitor on the Coventry BS conveyancing panel to deal with the legals?
Coventry BS don't usually instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
Two weeks ago we had a mortgage agreed in principle with Barclays. Hoxton conveyancing solicitors are appointed. How long does it take for Barclays to send the offer to the lawyer?
Some lenders take longer than others. Have Barclays conducted the valuation? Have you informed Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have been told that property searches are the primary cause of obstruction in Hoxton conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Hoxton.
How does conveyancing in Hoxton differ for newly converted properties?
Most buyers of new build residence in Hoxton approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is built. This is because house builders in Hoxton tend to acquire the real estate, 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 Hoxton or who has acted in the same development.
I decided to have a survey done on a house in Hoxton before retaining conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. If you contact us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hoxton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hoxton to see if the conveyancing costs will increase in light of this.