My conveyancer has uncovered a a problem with the lease for the property we are buying in Rochford. The other side have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our solicitor has advised that he must ensure 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 bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. The appropriate lender specifications must be adhered to.
I am close to exchanging contracts on the sale of our property in Rochford and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A high street Rochford lawyer would know that there is no such problem. For the life of me I don't know why the purchasers used a nationwide conveyancing firm rather than a conveyancing solicitor in Rochford. We have lived in Rochford for six years we know of no issue. Should we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You must enquire of 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 life insurance to cover that same ailment)
The deeds to our property can not be found. The lawyers who did the conveyancing in Rochford 4 years ago no longer exist. What are my next steps?
These day there are duplicates made of almost everything, and your conveyancer will know precisely where to look for all the relevant documentation so you may purchase or dispose of your property without any difficulty. If duplicates are not available, your lawyer can put in place insurance or indemnities against future claims on your premises.
How does conveyancing in Rochford differ for newly converted properties?
Most buyers of new build property in Rochford come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is completed. This is because house builders in Rochford usually buy 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 used to new build conveyancing in Rochford or who has acted in the same development.
I am hoping to exchange soon on a studio apartment in Rochford. Conveyancing lawyers inform me that they are sending me a report next week. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Rochford should include some of the following:
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You should have a good understanding of the building insurance obligations Rent payments - how much and when you need to pay, and also know whether this is subject to change Does the lease prohibit wood flooring? The length of the lease term. You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years Advice as to the provision in the lease to to contribute towards maintenance costs - with regard to both the building, and the wider rights a tenant enjoys
Rochford Leasehold Conveyancing - Examples of Queries Prior to buying
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For most Rochford leaseholds the cost for major works tend not to be wrapped into the maintenance charges, albeit that there some managing agents in Rochford ask tenants to pay into a sinking fund created for the specific purpose of establishing a fund for larger works. What is the maintenance charge and ground rent on the property? Please note that where the lease has less than 80 years it will affect the marketability of the apartment. Check with your lender that they are content with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for two years in order to be eligible to extend the lease.
How much experience do your Rochford conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Rochford conveyancing lawyers help thousands of people move home every year and supported lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Rochford conveyancers have worked on recent similar matters.