Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Hawkhurst. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 23/4/2019, the requirements read as follows :
My partner and I have organised a further advance on our mortgage from Principality as we wish to conduct alterations to our property in Hawkhurst. Do we need to appoint a nearby Hawkhurst solicitor on the Principality conveyancing panel to handle the legals?
Principality don't usually instruct a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality panel.
We were going to get a AIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Hawkhurst solicitors on the Kent Reliance conveyancing panel, or is it better to go independently?
You will need to appoint Hawkhurst solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
It is unclear whether my bank requires a lease extension. I have called my Hawkhurst bank branch on numerous occasions and was told it does not affect the mortgage offer and they will lend. My Hawkhurst conveyancing solicitor - who is on the bank conveyancing panel- called and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancer is on the mortgage company panel, she or he must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Hawkhurst differ for newly converted properties?
Most buyers of new build residence in Hawkhurst come to us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Hawkhurst tend to purchase 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 Hawkhurst or who has acted in the same development.
I am looking for a flat up to £195,000 and identified one round the corner in Hawkhurst I like with amenity areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Hawkhurst in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Me and my wife are FTB’s just having agreed a price on a property in Hawkhurst, and are now looking to get solicitors appointed. We have used the different rating based websites and the results are from all over the the UK. Is it necessary to have a Hawkhurst lawyer local to your prospective property? We are fine to do everything over the web, but I guess at some stage we will need to visit the conveyancing practitioner's office to sign documents?
The conveyancing practitioner does not need to be in Hawkhurst, but opting for local means that you have the option to go in if needed, for instance, if a signature is immediately necessary. Also, a Hawkhurst solicitor is likely to be familiar with local agents and (if the vendor has instructed a local property lawyer) with them, which should help keep things moving faster.