I am obtaining a offer of a home loan from Santander. I would like to instruct a Licensed Conveyancer in Market Harborough. Does the Santander Conveyancing panel exclude Licensed Conveyancers?
The Santander approved solicitor list is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Can you explain why leasehold purchase conveyancing in Market Harborough is more expensive?
Market Harborough leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I happen to be the single beneficiary of my late mum's estate and I have everything in my name now, including the house in Market Harborough. The Market Harborough property was put into my name in September. I now wish to sell up. I do know about the CML 6 month 'rule', meaning my proprietorship may be considered the same way as if I'd bought the house in September. Do I have to wait 6 months to sell?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most lenders would take a practical view as this clause is principally there to capture subsales or the wholesaling and assigning of properties.
I am buying a property in Market Harborough. A rare aspect is that the roof has a solar panel. UBS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is UBS your lawyer must follow the formal instructions outlined in Part 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook contains minimum conditions for solar panel roof-space leases, and solicitors are required to report to UBS where a lease does not meet these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Market Harborough.
It is unclear whether my mortgage offer requires a lease extension. I have telephoned my Market Harborough building society branch on a couple of occasions and was told it wasn't a problem and they will lend. My Market Harborough conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Market Harborough differ for new build properties?
Most buyers of new build or newly converted property in Market Harborough approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Market Harborough usually buy the land, 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 Market Harborough or who has acted in the same development.
I need to instruct a conveyancing lawyer in Market Harborough for my house move. Is it possible to review a firm’s record with the profession’s regulator?
You can search for presented Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Visit Check a solicitor's record. To find details Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training requirements.
When it comes to leasehold conveyancing in Market Harborough what are the most common lease problems?
There is nothing unique about leasehold conveyancing in Market Harborough. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain parts of the premises A provision for the recovery of money spent for the benefit of another party.
You may have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Leeds Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to pull out.
Market Harborough Conveyancing for Leasehold Flats - Sample of Queries before Purchasing
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Does the lease have in excess of 82 years left? Is the freehold reversion owned collectively by the leaseholders? Who manages the building?