My solicitor has uncovered a a problem with the lease for the apartment we are purchasing in Holbeach. The seller’s lawyers have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our lawyer has advised that he must ensure that the lender is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the bank 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 provisions. You and the mortgage company are the client. The appropriate lender specifications have to be complied with.
Can you explain why leasehold purchase conveyancing in Holbeach is more expensive?
The conveyancing fees for a leasehold property in Holbeach is often higher as compared to a freehold property. This is due to the supplemental investigations necessary in communicating with the freeholder and management company to collate the evidence about whether the rent and maintenance charges have been paid and whether there are any major works due in the near future on repairs or maintenance of the building.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Holbeach is where the house is located. Is there any guidance you can impart?
Flying freeholds in Holbeach are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Holbeach you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Holbeach 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 residence.
I have been pointed in your direction by a few selling agents in Holbeach to select a conveyancer using your seach tool. What’s the financial inducement for Estate Agents to market your lawyers ahead of a competitor’s?
We don’t offer any commission for directing people to this site. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
We're FTB’s - had an offer accepted, yet the agent has warned us that the seller will only issue a contract if we appoint their recommended solicitors as they are insisting on a ‘quick sale’. We would rather use a family solicitor with experience of conveyancing in Holbeach
We suspect that the seller is unaware of this requirement. Should the seller require ‘a quick sale', turning down a motivated purchaser is is going to put the whole deal at risk. Contact the owners directly and make sure they comprehend that (a)you are serious purchasers (b)you are excited to move forward, with finances arranged © you are unencumbered (d) you wish to move quickly (e)however you will continue to use your preferred Holbeach conveyancing solicitors - not the ones that will provide their estate agent a commission or hit his conveyancing thresholds pre-set by corporate headquarters.