Our lawyer has identified a a problem with the lease for the apartment we are purchasing in Hedge End. The other side have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer says that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
Even though 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. The appropriate lender requirements must be adhered to.
What can a local search reveal about the property we're buying in Hedge End?
Hedge End conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search is essential in every Hedge End conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications applicable 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 thirteen topic headings.
I used Action Conveyancing a few years past for my conveyancing in Hedge End. I now require my papers however the law firm is no longer operating. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to assist in tracking down your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Hedge End of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Hedge End differ for newly converted properties?
Most buyers of new build residence in Hedge End come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Hedge End 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 Hedge End or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Hedge End in advance of retaining conveyancers. I have been advised that there is a flying freehold overhang to the property. The surveyor advised that some lenders may not issue a mortgage on such a property.
It varies from the lender to lender. Lloyds has different requirements from Halifax. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Hedge End. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hedge End to see if the conveyancing will be more expensive.
Do you have any top tips for leasehold conveyancing in Hedge End from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Hedge End can be bypassed if you appoint lawyers the minute your agents start marketing the property and ask them to put together the leasehold information needed by the buyers’ solicitors. You believe that you know the number of years remaining on your lease but it would be advisable verify this via your lawyers. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is under 75 years. In the circumstances it is important at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Hedge End leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Hedge End state that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord consenting to such changes. If you fail to have the consents in place you should not communicate with the landlord without contacting your solicitor in the first instance.
Hedge End Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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What restrictions are there in the Hedge End Lease? The answer will be helpful as a) areas can cause problems in the building as the common areas may begin to deteriorate if maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will want to know about it Does this lease have in excess of 90 years left?