My lawyer has discovered a a problem with the lease for the apartment we are buying in Catterick Garrison. The other side have suggested defective title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the bank is happy with this solution. Who is the client here, us or the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their specifications 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. These conveyancing instructions must be adhered to.
At what point can the exchange of contracts take place for residential conveyancing in Catterick Garrison and am I required to be at the lawyers office?
If you are in close proximity to one of the conveyancing solicitors in Catterick Garrison you are welcome to attend to sign documents. However, the lender approved solicitors we work with supply a countrywide conveyancing service and provide as equally detailed and professional a job for you when communicating with you electronically. The executing of the contract is not the critical part. Signing on the dotted line simply enables the firm to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Catterick Garrison)to be in the office available at the end of the phone to exchange contracts.
A friend informed me that in buying a property in Catterick Garrison there could be a number of restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Catterick Garrison which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Catterick Garrison should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm spending time viewing flats in Catterick Garrison and I am about to put in an offer. Is it best to have my conveyancer on ‘stand by’? I will be getting a mortgage with Leeds Building Society.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the estate agent. As you are seeking a mortgage with Leeds Building Society, make sure you remember to check that your lawyer is on the Leeds Building Society conveyancing panel.
I have a mortgage with UBS for my property in Catterick Garrison. Conveyancing has been completed 12 months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
You must advise UBS before renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel solicitor.
What can a local search inform me regarding the house my wife and I buying in Catterick Garrison?
Catterick Garrison conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company for instance PSG The local search plays an important role in most Catterick Garrison conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your new home. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Catterick Garrison is where the house is located. Can you offer any opinion?
Flying freeholds in Catterick Garrison are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Catterick Garrison you must be sure that your lawyer goes 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 Catterick Garrison may ascertain 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 premises.
We are soon to exchange on the purchase a house in Catterick Garrison but as a consequence of wreckage from the recent storms I have negotiated reparation from the owner of £3k by way of a adjustment in the price. I had intended this to be dealt with as part of the conveyancing process but the lender will not agree to this. Should they have been informed?
The conveyancer being on the lender approved list is obliged to disclose to the lender of any amendments to the purchase price. If you did not allow your property lawyer to notify the price change to your lender then they would need to discontinue acting for you and the mortgage company.