My wife and I have just bought a property in Markfield. We have noticed several issues with the house which we believe were missed in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been carried out as part of conveyancing in Markfield?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Markfield. Conveyancing searches and due diligence undertaken during the buying process are designed to help avoid problems. As part of the process, a property owner answers a form called a SPIF. answers turns out to be incorrect, you could possibly take legal action against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Markfield.
I am close to exchanging contracts on the sale of our house in Markfield and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. Any local lawyer would know this is not the case. It does beg the question why the purchasers used a factory type conveyancing firm as opposed to a conveyancing solicitor in Markfield. Having lived in Markfield for many years we know of no issue. Should we contact our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
My wife and I purchased a terraced Edwardian property in Markfield. Conveyancing lawyer represented me and Skipton Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Markfield and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the position with the conveyancing solicitor who conducted the work.
I'm purchasing a new build house in Markfield with a loan from Chelsea Building Society. The sellers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not inform my conveyancer about this side-deal as it may adversely affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Markfield is the location of the property. Can you shed any light on this issue?
Flying freeholds in Markfield are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Markfield you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Markfield may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
Our sealed bid on semi in Markfield was agreed to, but there is a chain. The sellers have submitted an offer on a flat, although it’s not been accepted yet, and are looking at other properties booked. I have selected a nearby conveyancing lawyer in Markfield. What should be my next step? At what point do I apply for the mortgage with Clydesdale?
It is understandable to have concerns where there is an associated chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then valuation, Markfield conveyancing search charges, etc). The first course of action is to ensure that your lawyer is on the Clydesdale conveyancing panel. As to the subsequent stages this very much dictated by the circumstances of your transaction, desire for this property and on the state of the market. In a hot market the majority of buyers would apply for a home loan with Clydesdale and arrange for the valuation and only if it was satisfactory would they request their conveyancer to press on with searches.