My lawyer has discovered a defect with the lease for the flat we are purchasing in Exeter. The other side have suggested defective title insurance as a workaround. We are content with insurance and will cover the costs. Our property lawyer has advised that he must ensure that the bank is happy with this solution. Are we the client or is 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 specifications 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. These conveyancing instructions have to be complied with.
Why is leasehold purchase conveyancing in Exeter is more expensive?
In summary, leasehold conveyancing in Exeter and elsewhere usually necessitates additional hours of investigation compared to freehold conveyancing. This includes lease investigation, corresponding with the landlord concerning serving appropriate notices, securing up-to-date service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
What is the difference between a licensed conveyancer and conveyancing solicitor in Exeter
There are many recorded licenced Conveyancers in Exeter and Solicitor partnerships in Exeter who can help with your conveyancing We would stress that both are regulated professionals specialising in the legal work in transferring property. They may both also deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We have a mortgage agreed in principle with Lloyds. Exeter conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds done the survey? Have you advised Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Exeter solicitor - who is on the Skipton conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Skipton will need an independent valuation of the property. Your lawyer will not arrange this. Usually Skipton will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Exeter postcode. As you are getting a mortgage with Skipton, you could contact them to see if they have a list of approved surveyors in Exeter.
How does conveyancing in Exeter differ for new build properties?
Most buyers of new build premises in Exeter contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Exeter typically 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 Exeter or who has acted in the same development.
As co-executor for the will of my aunt I am disposing of a house in Cardiff but reside in Exeter. My solicitor (who is 260 miles awayrequires that I sign a stat dec before the transaction finalising. Can you recommend a conveyancing solicitor in Exeter to witness this legal document for me?
strictly speaking you should not need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will be fine regardless of whether they are located in Exeter