My lawyer has uncovered a a problem with the lease for the apartment we are buying in West Ham. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancing practitioner has advised that he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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 mortgage company are the client. The appropriate lender requirements must be adhered to.
What can a local search reveal about the house my wife and I purchasing in West Ham?
West Ham conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations such as Searchflow The local search is essential in every West Ham conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
The deeds to my property are lost. The conveyancers who conducted the conveyancing in West Ham 4 years ago are no longer around. Will I be able to sell the house?
Gone are the days when you need to have the physical original deeds to evidence that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in West Ham differ for newly converted properties?
Most buyers of new build residence in West Ham approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in West Ham tend to acquire the site, 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 conveyancing solicitors 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 West Ham or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. West Ham is the location of the property. Can you offer any assistance?
Flying freeholds in West Ham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside West Ham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in West Ham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
My partner is purchasing a leasehold property in West Ham. Conveyancing quotes are coming in at around £1700. Is that reasonable?
The average cost last year for conveyancing in West Ham was £1,395 not including Stamp Duty and HM Land Registry charges.