My solicitor has identified a a legal deficiency with the lease for the apartment we are purchasing in Mundesley. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must check that the lender is happy with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions have to be complied with.
Why is leasehold purchase conveyancing in Mundesley costs more?
Mundesley 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 am buying a property in Mundesley. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?
As you are obtaining a mortgage with UBS your lawyer must comply with the conveyancing instructions contained in Part 2 of UK Finance Lenders’ Handbook for UBS. The CML Handbook stipulates minimum conditions for solar panel roof-space leases, and conveyancers are required to report to UBS where a lease fails to comply with these conditions. The conditions relate to the installation of panels on properties nationwide and is not limited to Mundesley.
The formalities of my purchase has taken place for my property in Mundesley. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
Almost all banks and building societies have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
After shopping around on the internet I have found a Mundesley lawyer having checked that they are on the Barclays conveyancing panel. Does my lawyer arrange the survey of the property?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Mundesley postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in Mundesley.
Will my solicitor be asking questions regarding flooding as part of the conveyancing in Mundesley.
Flooding is a growing risk for lawyers dealing with homes in Mundesley. There are those who buy a house in Mundesley, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that can be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Mundesley. The standard completed inquiry forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine whether the property has historically flooded. If flooding has previously occurred and is not disclosed by the vendor, then a buyer may issue a legal claim for losses as a result of such an incorrect response. A purchaser’s conveyancers will also commission an enviro report. This should reveal whether there is any known flood risk. If so, more detailed inquiries will need to be made.
Due to the advice of my in-laws I had a survey completed on a house in Mundesley prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the house. My surveyor has said that some lenders may not issue a mortgage on such a home.
It depends who your proposed lender is. HSBC has different requirements for example to Nationwide. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Mundesley. Conveyancing will be smoother if you use a solicitor in Mundesley especially if they are accustomed to such properties in Mundesley.
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At this site get an accurate costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Mundesley. As opposed to estate agents and many comparison sites we do not have referral deals with solicitors. A large number of agents and online brokers 'recommend' the firm paying the most commission, as opposed to the best value conveyancing in Mundesley