Our lawyer has uncovered a defect with the lease for the apartment we are purchasing in Hornsey. The other side have offered defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancer has advised that he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank 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 specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
I am selling my home in Hornsey. Does the conveyancer need to be required to be on the Barclays conveyancing panel in order to deal with the discharge of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
I am the sole recipient of my late grandmother’s estate and I have everything in my name now, including the house in Hornsey. The Hornsey property was put into my name in October. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my proprietorship will be considered the same way as if I'd bought the house in October. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view lenders take of it, depend on the mortgage company as this provision is principally there to pick up on subsales or the quick reselling of properties.
My fiancee and I are at the point of viewing apartments in Hornsey and I am now considering a potential offer. Is it too early to have a solicitor in place? I will be getting a home loan with Skipton.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are seeking a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
I have finally had an offer on an apartment in Hornsey agreed to, the vendors do however have an associated purchase. The owners have offered on on an apartment, but it’s not been accepted yet, and have viewings of other apartments booked. I have instructed a nearby conveyancing solicitor in Hornsey. What do I do now? At what point do I apply for the mortgage with Leeds Building Society?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of one thousand pounds, then survey, Hornsey conveyancing search fees, etc). The first thing to do is ensure that your conveyancing practitioner is on the Leeds Building Society conveyancing panel. Regarding the subsequent steps this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a hot market some purchasers will apply for a home loan with Leeds Building Society and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with the conveyancing in Hornsey.
The deeds to our house can not be found. The solicitors who dealt with the conveyancing in Hornsey 4 years ago no longer exist. What are my next steps?
Nowadays there are duplicates made of almost everything, and your lawyer should be aware exactly where to locate all the appropriate paperwork so you can buy or dispose of your property without any difficulty. Where copies can’t be located, your lawyer may be able to put in place insurance or indemnities against possible claims on your premises.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Hornsey I like with a park and transport links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Hornsey for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
Should I be concerned that 3rd parties that I am dealing with are recommending an online conveyancing firm rather than a local Hornsey conveyancing firm?
As is the case with many professional services, often input from connections can be most helpful. Yet there are many players in a conveyancing matter; estate agents, financial adviser and lenders may put forward lawyers to retain. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there exists a financial incentive behind the endorsement. You are free to select your own lawyer. However, bear in mind that some mortgage providers specify a panel list of law firms you must use for the mortgage aspect of your conveyancing.