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Recently asked questions about conveyancing in Haltwhistle

Our lawyer has identified a a legal deficiency with the lease for the property we are buying in Haltwhistle. The other side have offered title insurance as a solution. We are happy with insurance and will cover the costs. Our conveyancer has advised that he must check that the mortgage company is willing to move forward with this solution. Are we the client or is the lender?

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 lender are the client. The appropriate lender conditions must be adhered to.

Do conveyancers ask for an advanced payment when it comes to conveyancing in Haltwhistle?

If you are buying a property in Haltwhistle your solicitor will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any down payment is as part of the sale price then this should be required immediately before contracts are exchanged. The closing balance that is due should be transferred a few days ahead of the day of completion.

I am about to put a bid on a leasehold property in Haltwhistle. The estate agents say that it is the norm for flats in Haltwhistle to have less than 75 years unexpired on the lease. I am taking out a mortgage with Accord Mortgages. Is this going to be a problem if the lease has 69 years left.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/2/2019 the requirements read as follows :

85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Is it necessary to take out insurance to address the risk of chancel repairs when purchasing a house in Haltwhistle?

Unless a previous acquisition of the house took place post 12 October 2013 you may assume that conveyancing practitioners carrying out conveyancing in Haltwhistle to continue to propose a a chancel search and or chancel repair liability policy.

How does conveyancing in Haltwhistle differ for newly converted properties?

Most buyers of new build or newly converted property in Haltwhistle come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Haltwhistle usually buy 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 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 accustomed to new build conveyancing in Haltwhistle or who has acted in the same development.

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