Our solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Sydenham. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is willing to move forward with this solution. Are we the client or is 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 specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 lawyer will have no choice but to discontinue acting for you.
I am considering applying for a Principality mortgage for purchase of a new build (under development) in Sydenham with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Principality ?
There is nothing to stop you using your solicitor, but Principality will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have been told that property searches are the main cause of obstruction in Sydenham house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Sydenham.
How does conveyancing in Sydenham differ for newly converted properties?
Most buyers of new build premises in Sydenham come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Sydenham typically acquire the land, 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 used to new build conveyancing in Sydenham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what should have been a simple, chain free conveyancing. Sydenham is where the house is located. Is there any guidance you can impart?
Flying freeholds in Sydenham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Sydenham you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sydenham 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 residence.
Is it simple use your search facility to find a conveyancing lawyer in Sydenham on the authorised to act for my mortgage?
First select a lender such as Halifax, The Royal Bank of Scotland or Barclays Direct then type in your location a common one being Sydenham. Conveyancing organisations in Sydenham and nationally should be listed.