My wife and I have recently acquired a property in Markfield. We have noticed several problems with the house which we suspect were omitted in the conveyancing searches. Do we have any recourse? Can you clarify the nature of searches that needed to have been carried out as part of conveyancing in Markfield?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Markfield. Conveyancing searches and due diligence initiated during the legal transfer of property are designed to help avoid problems. As part of the process, a seller answers a document known as a Seller’s Property Information Form. If the information provided is inaccurate, you could possibly take legal action against the vendor 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 Markfield.
Is there a reason why leasehold purchase conveyancing in Markfield costs more?
Markfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
When it comes to lenders such as Skipton, do Markfield conveyancing practitioners incur a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
I am currently in the process of buying my council flat in Markfield. I have a mortgage offer with Clydesdale. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
It is not clear whether my bank requires a lease extension. I have telephoned my Markfield building society branch on a couple of occasions and was told it wasn't an issue and they would lend. My Markfield conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their specific requirements. I simply don't know who is right.
Your lawyer must comply with the Council of Mortgage Lenders’ Handbook Part 2 provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I got the keys to my home on 4 September and my personal details is not yet on the land registry website. Should I be concerned? My conveyancing solicitor in Markfield expressed confidence that it will be concluded inside ten days. Are transfers in Markfield uniquely lengthy to register?
As far as conveyancing in Markfield is concerned, registration is no quicker or slower than anywhere else in England and Wales. Rather than based on location, timeframes can vary subject to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd parties. Currently roughly three quarters of submission are fully dealt with within 12 days but occasionally there can be protracted delays. Registration occurs after the new owner is living at the property thus an expedited registration is not always top priority but where it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for an expedited registration.
I am purchasing my first flat in Markfield with a loan from National Westminster Bank. The builders would not reduce the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not inform my solicitor about the extras as it could put at risk my mortgage with National Westminster Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am purchasing a ground floor maisonette in Markfield. Conveyancing lawyer has been waiting for, from the vendor, building insurance schedule. This morning I was advised that the vendor must forward the insurance paperwork for the flat above as well. Why does my lawyer want to check the insurance for the flat above? Is it really necessary? We have been in hold for the last 3 weeks…
It is not impossible in leasehold conveyancing in Markfield to discover Conveyancing in Markfield in a minority of cases reveals that the lease provides for the leasehold owners to insure their individual flats rather than the landlord insuring the complete block - which is definitely better. You should double check with your conveyancing practitioner but it would seem that your lawyer is seeking to establish that the whole building is insured. Insuring a ground floor residence is no help when it comes to rebuilding after a fire if the other flat cannot be reinstated for lack of insurance.