I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Lyme Regis. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/9/2024, the requirements read as follows :
What can a local search reveal concerning the house I am purchasing in Lyme Regis?
Lyme Regis conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays a central role in most Lyme Regis conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
How does conveyancing in Lyme Regis differ for newly converted properties?
Most buyers of new build property in Lyme Regis come to 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 Lyme Regis usually buy the real estate, 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 Lyme Regis or who has acted in the same development.
I opted to have a survey completed on a property in Lyme Regis before retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders may not give a mortgage on such a house.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you e-mail us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Lyme Regis. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Lyme Regis to see if the conveyancing will be more expensive.
Should I be concerned that estate agents that I am dealing with are suggesting a national conveyancing firm rather than a High Street Lyme Regis conveyancing practice?
As with lots of professional services, often recommendations from family and friends can be most helpful. Nevertheless there are numerous people with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all recommend conveyancers to retain. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to choose your own lawyer. However, bear in mind that many lenders operate an approved list of law firms you have to use for the mortgage aspect of your transaction.