Last August we completed a house move in Malmesbury. We have noticed several problems with the property which we believe were overlooked in the conveyancing searches. Do we have any recourse? What searches should? have been ordered for conveyancing in Malmesbury?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Malmesbury. Conveyancing searches and due diligence undertaken as part of the legal transfer of property are carried out to help avoid problems. As part of the process, a property owner completes a document referred to as a Seller’s Property Information Form. answers proves to be inaccurate, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Malmesbury.
Will lawyers request money up-front when it comes to conveyancing in Malmesbury?
If you are buying a property in Malmesbury your lawyer will ask you to provide them with funds to cover the search fees. Generally this is asked for to cover the fees of the conveyancing searches. When the deposit is payable against the purchase price then this should be needed shortly in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
We are expecting a mortgage offer soon. The lender mentioned the loan came with free conveyancing. Does this mean I have to appoint their panel solicitor as I would much rather use a Malmesbury based conveyancing firm?
Do check but the chances are that appoint one of their panel lawyers if you want the "fee-free" incentive. Speak to the bank to ask if they make available a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Malmesbury.
I have paid off my mortgage with HSBC. I assume I don't need a Malmesbury lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
I have a mortgage with Lloyds for my property in Malmesbury. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Lloyds?
Your original mortgage agreement with Lloyds will provide that you need their approval before renting your property as this is likely to be a breach of Lloyds’s mortgage conditions. It may be that Lloyds will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Lloyds directly. It should not be necessary to do this via a Lloyds conveyancing panel firm.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Malmesbury building society branch on a couple of occasions and was told they are content with the situation and they would lend. My Malmesbury conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend based on their published requirements. I simply don't know who is right.
The property lawyer must comply with the CML Handbook Part 2 provisions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank 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.
I am looking for a leasehold apartment up to £235,500 and identified one round the corner in Malmesbury I like with amenity areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Malmesbury for this price, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
I am due to consider estimates for conveyancing in Malmesbury from various conveyancing practitioner and choose one. Am I right to tell them to hold tight until I a suitable flat to buy.
We suggest that you only request your lawyer to commence work and order searches once the sales memo has been issued by the selling agent especially as Malmesbury conveyancing searches are costly.