My solicitor has identified a a legal deficiency with the lease for the property we are buying in Charterhouse. The seller’s lawyers have offered title insurance as a workaround. We are content with insurance and will pay for it. Our solicitor has advised that he must check that the bank is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender 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 requirements. You and the bank are the client. These conveyancing instructions have to be complied with.
We see that you have a post code search directory listing firms on the Nationwide conveyancing panel. Do companies pay you a commission if I instruct them for our conveyancing in Charterhouse?
We are a listing service only for law firms wishing to communicate if they are on the Nationwide conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Charterhouse.
A relative suggested that if I am purchasing in Charterhouse I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes quoted for as part of the standard Charterhouse conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Charterhouse around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Charterhouse Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Charterhouse Education with maps and statistics, Local Amenities and other useful data concerning Charterhouse.
How does conveyancing in Charterhouse differ for newly converted properties?
Most buyers of new build property in Charterhouse contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Charterhouse usually purchase 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 conveyancing solicitors 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 Charterhouse or who has acted in the same development.
Do I need to be suspicious by third parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Charterhouse conveyancing company?
As is the case with lots of service providers, often suggestions from family and friends can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks may recommend solicitors to instruct. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the recommendation. You are free to select your preferred conveyancer. You need to be aware that most lenders have an approved list of lawyers you are obliged to use for the mortgage aspect of your conveyancing.
I am short of a 10% deposit on my flat purchase in Charterhouse , but I still want to exchange. Do I have options?
One option is to try and accept a lower deposit. Many property owners will accept a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second