Our solicitor has discovered a defect with the lease for the property we are purchasing in Shenley Brook End. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our property lawyer says that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. 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 solicitor will have no choice but to discontinue acting for you.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Shenley Brook End with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
The deeds to my home can not be found. The conveyancers who handled the conveyancing in Shenley Brook End 5 years ago are no longer around. Will I be able to sell the house?
As long as the title is registered the information relating to your proprietorship will be retained by HMLR under a Title Number. It is easy to perform a search at the Land Registry, locate your house and obtain current copies of the Registered Entries for a small fee. If the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
How does conveyancing in Shenley Brook End differ for newly converted properties?
Most buyers of new build premises in Shenley Brook End contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Shenley Brook End tend to buy the site, 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 Shenley Brook End or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a house in Shenley Brook End in advance of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not give a mortgage on such a property.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Shenley Brook End. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I better off to use a Shenley Brook End conveyancing practitioner in close proximity to the house I am hoping to buy? An old friend can carry out the legal work but her office is over three hundred miles away.
The benefit of a local Shenley Brook End conveyancing practice is that you can visit the firm to sign paperwork, deliver your ID and pester them if necessary. They will also have local insight which is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and on the whole were happy that should surpass using an unfamiliar Shenley Brook End conveyancing lawyer just because they are round the corner.