Our Fairfield solicitor has uncovered an inconsistency between the information in the home valuation survey and what is in the legal papers for the property. My solicitor has advised that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my solicitor’s stance legitimate?
Your lawyer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
How does conveyancing in Fairfield differ for new build properties?
Most buyers of new build property in Fairfield contact us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Fairfield 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 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 used to new build conveyancing in Fairfield or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Fairfield is the location of the property. Can you shed any light on this issue?
Flying freeholds in Fairfield are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fairfield you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fairfield 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 premises.
Can you provide any top tips for leasehold conveyancing in Fairfield from the perspective of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Fairfield can be avoided where you instruct lawyers the minute your agents start advertising the property and request that they start to put together the leasehold documentation needed by the buyers’ lawyers. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Fairfield state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord consenting to such changes. If you fail to have the paperwork in place you should not contact the landlord without contacting your conveyancer in advance. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A purchaser's lawyer will be unlikely to recommend their client to where the remaining number of years is less than 75 years. It is therefore essential at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Fairfield leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their solicitors. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Organising a new share certificate is often a lengthy formality and frustrates many a Fairfield conveyancing deal. Where a reissued share is required, do contact the company officers or managing agents (if applicable) for this as soon as possible.
Leasehold Conveyancing in Fairfield - A selection of Questions you should consider Prior to Purchasing
How much is the ground rent and service charge? Who are the managing agents? Most Fairfield leasehold apartments will be liable to pay a service charge for maintenance of the building levied on behalf of the freeholder. Should you buy the property you will have to pay this contribution, usually quarterly throughout the year. This may differ from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent for you to pay annual, ordinarily this is not a exorbitant sum, say around £25-£75 but you need to check it because on occasion it can be many hundreds of pounds.
How much experience do your Fairfield conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Fairfield conveyancing lawyers help thousands of people move home every year and assisted plenty of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Fairfield conveyancers have worked on recent similar matters.