My wife and I have recently acquired a property in Bembridge. We have noticed several issues with the property which we suspect were missed in the conveyancing searches. Do we have any recourse? What searches should? have been ordered for conveyancing in Bembridge?
It is not clear from the question as to the nature of the problems and if they are specific to conveyancing in Bembridge. Conveyancing searches and investigations undertaken as part of the buying process are designed to help avoid problems. As part of the legal transfer of property, the vendor fills in a questionnaire known as a Seller’s Property Information Form. If the information is incorrect, you may have a misrepresentation claim against the seller 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 Bembridge.
It is is a decade since I acquired my house in Bembridge. Conveyancing lawyers have now been retained on the sale but I can't locate the deeds. Is this a problem?
Don’t worry too much. First the deeds may be retained by your mortgage company or they could still be with the solicitor who oversaw the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Bembridge involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Do I need to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Bembridge so that I can attend their offices when needed.
As opposed to 12 years ago, most lenders no longer oblige their conveyancing panel lawyer to witness the mortgagors signature. You will still be obliged to supply identification documents and there are still manifest advantages to instructing a locally based ayer, in your situation a conveyancing solicitor in Bembridge.
How can we know in advance if a Bembridge conveyancing solicitor on the Lloyds panel is any good?
When it comes to conveyancing in Bembridge obtaining recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer handling your conveyancing.
I can not work out if my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Bembridge bank branch on various occasions and was told they are content with the situation and they will lend. My Bembridge conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the lender panel, they must comply with the CML Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Principality have agreed my home loan in principle, my bid on a flat in Bembridge has been agreed to, what are the next steps?
The property agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Call up Principality or the broker and finish off any relevant forms. Principality will instruct a valuer who will get in contact with the estate agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Principality will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Bembridge.
I am purchasing a new build house in Bembridge benefiting from help to buy. The developers refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not reveal to my solicitor about the side-deal as it would impact my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
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 have been on the look out for a ground for flat up to £195,000 and identified one near me in Bembridge I like with a park and railway links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Bembridge for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.