Our conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Redfield. The seller’s lawyers have put forward title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must check that the lender is content with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender provisions must be adhered to.
Is there a reason why leasehold purchase conveyancing in Redfield is more expensive?
Redfield leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am considering applying for a HSBC mortgage for purchase of a new build (under development) in Redfield with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?
There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How does conveyancing in Redfield differ for new build properties?
Most buyers of new build residence in Redfield approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because builders in Redfield tend to 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 accustomed to new build conveyancing in Redfield or who has acted in the same development.
My husband and I are 14 days into a leasehold purchase having been referred to conveyancers by the local agent to do our conveyancing in Redfield. I am am very dissatisfied with the quality of service. Could you you assist me in finding new conveyancers?
They would need to be really bad in order to consider replacing them. Has your mortgage been sent? In the event that it has you must advise them of the replacement conveyancer and get the mortgage documents are issued to the new lawyers. Your solicitor ideally needs to be on the banks approved list to avoid escalating charges and frustration. So that should be your starting point. Our find a solicitor tool can assist you in finding a lender approved solicitor for your conveyancing in Redfield
My aim is to purchase a ground floor maisonette in Redfield. Conveyancing lawyer has been waiting for, from the owner, building insurance documents. This afternoon I was advised that the seller needs to forward the insurance paperwork for the flat above in addition. Why would my lawyer need to check the insurance for the flat above? Is it strictly required? We have been stalled for the last fortnight…
It is not unheard of in leasehold conveyancing in Redfield to find Conveyancing in Redfield in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats as opposed to the landlord insuring the whole building - which is definitely preferable. You should clarify with your solicitor but it would seem that your property lawyer is looking to establish that the whole building is insured. Insuring your flat is no help when it comes to rebuilding after a fire if the other flat cannot be rebuilt due to lack of insurance cover.