My solicitor has uncovered a a legal deficiency with the lease for the flat we are buying in Osterley. The other side have put forward title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is content with this solution. Who is the client here, us or the mortgage company ?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancing practitioner will have no choice but to discontinue acting for you.
Why do I have to pay up front for conveyancing in Osterley?
Where you are retaining lawyers for conveyancing in Osterley your lawyer will ask you to provide them with monies to cover the search fees. Normally this is asked for to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be asked for shortly prior to exchange of contracts. The final balance that is due should be transferred shortly before completion.
Are there restrictive covenants that are commonly identified during conveyancing in Osterley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Osterley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Osterley differ for new build properties?
Most buyers of new build residence in Osterley approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is constructed. This is because developers in Osterley typically acquire 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 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 Osterley or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a property in Osterley prior to appointing conveyancers. I have been advised that there is a flying freehold overhang to the house. My surveyor has said that some mortgage companies tend not issue a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Osterley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Osterley to see if the conveyancing costs will increase in light of this.
Should I be concerned that estate agents that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a local Osterley conveyancing firm?
As is the case with many service providers, often recommendations from connections can be extremely useful or valuable. Yet there are many players in a conveyancing matter; estate agents, mortgage brokers and banks may put forward solicitors to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are at liberty to select your own conveyancer. You need to be aware that the majority of mortgage providers specify a panel list of law firms you are obliged to use for the mortgage related work in your home move.