Our lawyer has identified a defect with the lease for the property we are buying in Hythe. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner says that he must be satisfied that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
We see that you have a post code search directory identifying law firms on the Santander conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Hythe?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Hythe.
Can you help - my lawyer says that missing deeds insurance is required on my purchase. What is the level of cover for Hythe conveyancing?
The right level of missing deeds indemnity insurance depends on your lender. It would differ for example between Accord Mortgages Ltd and Chelsea Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
When it comes to mortgage companies such as Coventry BS, do Hythe lawyers incur a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.
Can you point me to a directory of Virgin Money panel solicitors in Hythe on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association websites. A small selection of banks make their panel listings visible over the internet. Where you are looking for a Hythe lawyer on the Virgin Money please use our tool.
It has been five months following my purchase conveyancing in Hythe completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Hythe differ for newly converted properties?
Most buyers of new build property in Hythe approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Hythe tend to 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 accustomed to new build conveyancing in Hythe or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one close by in Hythe I like with a park and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Hythe for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.