Our conveyancer has discovered a a legal deficiency with the lease for the property we are purchasing in Denham. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our conveyancer says that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
Regardless of the fact that you have a mortgage offer from the lender 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 lender are the client. These conveyancing instructions have to be complied with.
How does conveyancing in Denham differ for newly converted properties?
Most buyers of new build residence in Denham contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Denham typically purchase 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 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 Denham or who has acted in the same development.
I've recently found out 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. Denham is where the house is located. Can you shed any light on this issue?
Flying freeholds in Denham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Denham you must be sure that your lawyer goes 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 Denham may ascertain 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 premises.
Should I be concerned by estate agents that I am dealing with are encouraging me to use a web based conveyancing firm rather than a High Street Denham conveyancing practice?
As is the case with lots of professional services, often recommendations from family and friends can be worth their weight in gold. But there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and banks might all suggest solicitors to instruct. On occasion the solicitors might be known to one of the organisations as experts in their field, but occasionally there may be a commercial relationship behind the recommendation. You have the right to appoint your own lawyer. However, bear in mind that most lenders operate an approved list of law firms you must use for the mortgage aspect of your home move.
I am a fortnight into a residential purchase having been recommend to solicitors by the estate agent to do our conveyancing in Denham. We are not happy. Can you you assist me in finding new conveyancers?
They would have to be very bad in order to consider replacing them. Has the mortgage offer been sent? If so you need to make them aware of the new contact details and have the mortgage documents are re-sent. Your new solicitor ideally needs to be on the lenders panel to avoid added fees and delays. So that should be your starting point. Our search tool can assist you in finding a lender approved lawyer for your home move in Denham