Our conveyancer has uncovered a defect with the lease for the flat we are buying in Budleigh Salterton. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer says that he must be satisfied that the bank is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. The appropriate lender provisions must be adhered to.
Should my lawyer be asking questions concerning flooding during the conveyancing in Budleigh Salterton.
Flooding is a growing risk for solicitors specialising in conveyancing in Budleigh Salterton. There are those who purchase a property in Budleigh Salterton, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, but there are a various checks that may be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Budleigh Salterton. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the vendor to find out whether the property has ever been flooded. In the event that flooding has previously occurred which is not disclosed by the owner, then a purchaser may bring a claim for damages as a result of such an incorrect answer. The purchaser’s solicitors should also commission an enviro search. This will indicate if there is any known flood risk. If so, further inquiries will need to be carried out.
How does conveyancing in Budleigh Salterton differ for new build properties?
Most buyers of new build residence in Budleigh Salterton contact us having been asked by the builder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Budleigh Salterton 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 conveyancers 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 Budleigh Salterton or who has acted in the same development.
I decided to have a survey completed on a house in Budleigh Salterton before retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some banks may refuse to issue a mortgage on this type of property.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Budleigh Salterton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Budleigh Salterton to see if the conveyancing will be more expensive.
I need to find a conveyancing solicitor for purchase conveyancing in Budleigh Salterton. I happened to land on a site which seems to have the perfect answer If it is possible to get all formalities completed via web that would be ideal. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I cannot travel my Budleigh Salterton conveyancing lawyers office to execute documents connected to my conveyancing in Budleigh Salterton – will this be problematic?
Not a problem. Budleigh Salterton conveyancing solicitors can conduct home moves for clients wider afield. You are unlikely to be required to meet your lawyer in the flesh at a Budleigh Salterton conveyancers office. They can deal with everything through post, email, telephone and fax.