I plan on acquiring a flat in Kingsland. My lawyer has never been on on the lender solicitor list. Can I still use my Kingsland conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You have a number of choices open to you here
- Complete the purchase with your preferred Kingsland property lawyer but your mortgage company will undoubtedly retain a property lawyer on their conveyancing panel. The net result is additional charges and probable interruption.
- Choose a fresh conveyancing practitioner to act in the purchase, obviously checking they are on the lender conveyancing panel.
- Convince your conveyancing practitioner to seek to join the mortgage company panel
The Kingsland conveyancing firm handling our Kingsland conveyancing has discovered a difference when comparing the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor informs me that he is duty bound to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Our lender has suggested a law firm on their panel based in Kingsland but I would rather choose a conveyancing lawyer in Kingsland or nearer to where I live. Can you assist?
It is by no means the case that all Kingsland conveyancing practices are listed all banks conveyancing panel. Use the above search tool to identify a Kingsland conveyancing solicitor on the on the mortgage company panel.
I'm the only beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Kingsland. The Kingsland property was put into my name in January. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my property ownership may be regarded the same way as though I had purchased the property in January. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How practical a view mortgage companies take of it, depend on the bank as this requirement principally exists to pick up on the purchase and immediately sell or the flipping of property.
My husband and I are at the point of viewing flats in Kingsland and I am now considering a potential offer. Should I already have a solicitor in place at this point? I will be getting a mortgage with HSBC.
It would be prudent to instigate 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 contact information on to the selling agent. Given that you are seeking a mortgage with HSBC, make sure you remember to check that your lawyer is on the HSBC conveyancing panel.
I have finally had an offer on a maisonette in Kingsland accepted, the sellers do nevertheless have a dependent purchase. The owners have put an offer on a property, but it’s not yet tied up, and are looking at other properties in the pipeline. I have instructed a bricks and mortar conveyancing solicitor in Kingsland. What do I do now? When do I get the mortgage application with Santander started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is approx £1k, then valuation, Kingsland conveyancing search costs, etc). The first thing to do is check that your conveyancer is on the Santander approved list. Regarding the next stages this very much depends on the circumstances of your transaction, attraction to this property and on the state of the market. During a rising market many buyers would apply for a home loan with Santander and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with searches.
How does conveyancing in Kingsland differ for new build properties?
Most buyers of new build or newly converted property in Kingsland approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Kingsland typically acquire 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 conveyancers 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 Kingsland or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and found one near me in Kingsland I like with open areas and station nearby, the downside is that it only has 51 years unexpired on the lease. There is not much else in Kingsland suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.