My partner and I are acquiring a leasehold flat in New Malden. My Conveyancer is not on the bank solicitor list. Is it possible for me to appoint my New Malden conveyancing solicitor even though they are not on the lender approved list?
You have a couple of alternatives open to you here
- Complete the purchase with your existing New Malden lawyer but your lender will need to instruct a conveyancer on their approved list. This will result in additional fees together with likely delay.
- Appoint a fresh property lawyer to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Convince your solicitor to do everything possible to get listed on the mortgage company conveyancing panel
My conveyancer has uncovered a a problem with the lease for the property we are buying in New Malden. The other side have suggested title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor says that he must be satisfied that the mortgage company is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I have decided to exercise my right to buy my property in New Malden off the council. I have a mortgage offer with HSBC. 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 HSBC, you will need to appoint a solicitor on the HSBC conveyancing panel.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local New Malden solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your New Malden postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in New Malden.
RBS have agreed my mortgage in principle, my bid on a house in New Malden has been agreed to, now what?
Your estate agent will need to know who your solicitors are (be sure the lawyers are on the lender’s approved list). Telephone RBS or your broker and complete any appropriate paperwork. RBS will instruct a valuer who will get in touch with the selling agent or owners to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about a fortnight to receive the mortgage offer. RBS will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in New Malden.
Do I need to take out insurance to address the risk of chancel repairs when purchasing a property in New Malden?
Unless a previous acquisition of the house completed post 12 October 2013 you could assume that solicitors handling conveyancing in New Malden to continue to advocate a chancel search and or chancel repair liability policy.
Have completed on a a semi-detached house in New Malden , What is the estimated time for the Land Registry to register my ownership? My New Malden conveyancing solicitor works at snail pace, so I want to check that my ownership is recorded.
There is nothing unique when it comes to conveyancing in New Malden registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether it is in order and whether the Land registry communicate with any third persons or bodies. At present in the region of three quarters of submission are fully dealt with within 12 days but some can be subject to longer hold-ups. Historically registration takes place once the buyer is living at the premises thus 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your lawyers should contact the land registry and explain the circumstances.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in New Malden I like with a park and transport links nearby, however it's only got 49 years on the lease. I can't really find anything else in New Malden suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.