The property market in Okehampton is heating up. What can I do to speed up matters?
In the event that you are under pressure to sign contracts we would recommend that your conveyancer is familiar with the area as they will make use of local relationships and intelligence. It is possible that they may have conducted otherproperties in the same neighbourhood. Therefore consider using a Okehampton conveyancing lawyer. In addition, make sure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that 18% of Okehampton conveyancing transactions are delayed or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the legal transfer of property being delayed by almost 21 days. It is said that this issue impacts approximately 100,000 home moves every year. Many Okehampton conveyancing practices can not represent certain lenders so do check as early as possible.
My husband and I are purchasing a 3 bedroom flat in Okehampton with a residential mortgage from Halifax.We have a Okehampton conveyancing practitioner but Halifax says her practice is not listed on their approved list of firms. We have to appoint a Halifax panel firm or retain our local solicitor and pay for a Halifax panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Halifax use our lawyer?
No, not really. The loan offered to you contains terms and conditions, a common one being that lawyers must be on the Halifax approved list. Until recently, most banks had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Halifax
Various online forums that I have frequented warn that are the number one cause of hinderance in Okehampton house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Okehampton.
How does conveyancing in Okehampton differ for new build properties?
Most buyers of new build property in Okehampton approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because developers in Okehampton typically buy 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 property lawyers 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 used to new build conveyancing in Okehampton or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Okehampton ahead of appointing lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor advised that some mortgage companies will refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Okehampton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Okehampton to see if the conveyancing will be more expensive.
We are in the middle of buying a residence in Okehampton. Conveyancing lawyer has called to say the property is "Leasehold". Will this likely impact our mortgage valuation?
Okehampton conveyancing does not usually involve leasehold houses. The crucial consideration here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it shouldn't impact the saleability too much.
On the flip side, if it's, say, 50 years it will have a significant impact on the value, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be stated in the lease to be supplied to your property lawyer.