Our solicitor has uncovered a defect with the lease for the property we are buying in Burnt Oak. The other side have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the bank is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions have to be complied with.
As someone unfamiliar with the Burnt Oak conveyancing process what’s the number one tip you can impart for the home moving process in Burnt Oak
Not many law firms or advisers will tell you this but conveyancing in Burnt Oak or throughout North London is often a confrontational process. In other words, when it comes to conveyancing there exists lots of opportunity for friction between you and other parties involved in the legal transfer of property. For instance, the vendor, selling agent and on occasion the mortgage company. Selecting a solicitor for your conveyancing in Burnt Oak is a critical decision as your conveyancer is your adviser, and is the SOLE party in the legal process whose responsibility is to look after your best interests and to protect you.
There is a distinct ongoing adversarial element to conveyancing- someone has to be blamed for the process being so protracted. We recommend that you your first instinct should be to trust your lawyer above all other players when it comes to the legal assignment of property.
Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a house in Burnt Oak?
Unless a previous acquisition of the premises took place after 12 October 2013 you could expect solicitors carrying out conveyancing in Burnt Oak to continue to suggest a chancel search and or chancel repair liability policy.
How does conveyancing in Burnt Oak differ for new build properties?
Most buyers of new build property in Burnt Oak contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Burnt Oak usually 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 Burnt Oak or who has acted in the same development.
I decided to have a survey done on a house in Burnt Oak ahead of appointing conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor has said that some lenders may refuse to grant a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions from Halifax. Should you wish to call us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Burnt Oak. Conveyancing will be smoother if you use a solicitor in Burnt Oak especially if they regularly deal with such properties in Burnt Oak.
I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?
Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the lender conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.