My solicitor has discovered a a problem with the lease for the flat we are buying in Cheadle. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the mortgage company is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements 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. The appropriate lender specifications have to be complied with.
Please explain the implications if my solicitor is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Cheadle?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
I am buying a victorian detached house in Cheadle. The intention is to convert the garage to an office at the property.Will legal work on the property include investigations to see if these alterations are allowed?
Your conveyancer should review the deeds as conveyancing in Cheadle will occasionally identify restrictions in the title deeds which prevent categories of alterations or necessitated the consent of another owner. Many extensions require local authority planning permissions and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these things with a surveyor ahead of any purchase.
Please help - my lawyer says that chancel insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Cheadle?
The appropriate level of chancel indemnity insurance depends on your lender. It would differ for example between Santander and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such policies.
Principality have agreed my home loan in principle, my bid on a house in Cheadle has been accepted, now what?
Your property agent will need to know who your solicitors are (ensure that the lawyers are on the lender’s panel). Telephone Principality or your broker and finish off any relevant forms. Principality will instruct a valuer who will get in touch with the estate agent or owners to book an appointment. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Principality will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cheadle.
How does conveyancing in Cheadle differ for new build properties?
Most buyers of new build premises in Cheadle contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Cheadle typically buy the site, 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 accustomed to new build conveyancing in Cheadle or who has acted in the same development.
I opted to have a survey completed on a property in Cheadle ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks will not grant a mortgage on such a home.
It varies from the lender to lender. Lloyds has different instructions for example to Nationwide. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Cheadle. Conveyancing may be slightly more expensive based on your lender's requirements.
Taking into account that I will soon part with over three hundred thousand on a property in Cheadle I would like to have a conversation with the solicitor about myhouse move before appointing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your conveyancing in Cheadle.There is no ‘factory style conveyancing’ - every client is an important person, not a matter number. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Cheadle should be the figure that you end up paying.