I had intended to instruct a property lawyer in Old Coulsdon for our house move. Our financial adviser has since notified us that our mortgage company HSBC Bank won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Old Coulsdon conveyancing firms would have been on many bank panels. The FSA in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees as well as establishing certain criteria such a completing on a minimum amount of conveyancing. Many Old Coulsdon conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Old Coulsdon is one of the many locations where the conveyancers we recommend are members of the panel for HSBC Bank.
I appreciate that there are debates on Chancel Insurance on online forums. Do I require this when buying a residence in Old Coulsdon? or Apparently there is a law dating back centuries that means some owners of property living in a parish church boundary will be compelled to pay for repairs towards the chancel in proximity to the church. Is this applicable for conveyancing in Old Coulsdon?
Unless a prior purchase of the premises took place post 12 October 2013 you can assume that lawyers handling conveyancing in Old Coulsdon to continue to recommend a chancel search and or insurance against a claim.
I purchased a semi-detached Edwardian house in Old Coulsdon. Conveyancing lawyer acted for me and Yorkshire Building Society. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching address. Is it worth asking Yorkshire Building Society to clarify?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Old Coulsdon and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the situation with your conveyancing lawyer who conducted the conveyancing.
How does conveyancing in Old Coulsdon differ for new build properties?
Most buyers of new build property in Old Coulsdon come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Old Coulsdon tend to buy 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 accustomed to new build conveyancing in Old Coulsdon or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Old Coulsdon is where the house is located. Can you shed any light on this issue?
Flying freeholds in Old Coulsdon are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Old Coulsdon you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Old Coulsdon may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Should I instruct a Old Coulsdon conveyancing lawyer in close proximity to the house I am purchasing? An old friend can handle the legal formalities but his firm is located approximately 350miles drive away.
The primary upside of using a high street Old Coulsdon conveyancing firm is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them where appropriate. They will also have local insight which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were content that must outweigh using an unfamiliar Old Coulsdon conveyancing lawyer just because they are Old Coulsdon based.