We have agreed to purchase a house in Southend On Sea. A rare aspect is that the roof has a solar panel. HSBC have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with HSBC your lawyer must follow the formal requirements set out in Part two of UK Finance Lenders’ Handbook for HSBC. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and property lawyers are required to report to HSBC where a lease does not meet these provisions. The provisions relate to the installation of panels on properties in England and Wales and is not limited to Southend On Sea.
The mortgage over my property is with Nationwide for my property in Southend On Sea. Conveyancing was finalised months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
Nationwide must be informed of your intention prior to letting out your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. You need not do this via a Nationwide conveyancing panel solicitor.
It is not clear whether my lender requires a lease extension. I have called into my local Southend On Sea bank branch on a couple of occasions and was told they are content with the situation and they would lend. My Southend On Sea conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they would not lend in accordance with their published requirements. Who do I believe?
Provided that the property lawyer is on the lender panel, they must comply with the Council of Mortgage Lenders’ 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
How does conveyancing in Southend On Sea differ for new build properties?
Most buyers of new build residence in Southend On Sea approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Southend On Sea usually 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 property lawyers 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 Southend On Sea or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Southend On Sea is the location of the property. Is there any advice you can impart?
Flying freeholds in Southend On Sea are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Southend On Sea you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Southend On Sea 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.
How simple is it to transfer to a new conveyancer as I have to instruct one who is on the Yorkshire Building Society conveyancing list. I was using a family conveyancing solicitor in Southend On Sea five minutes from me but she is not approved by Yorkshire Building Society
We will our best to assist in finding you a conveyancing solicitor in Southend On Sea on the Yorkshire Building Society panel. Please note that the law firms that we work with do not pay us a referral fee if you instruct them and are fully regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Southend On Sea. Using the find a conveyancing solicitor tool on this page, you can compare charges for conveyancing solicitors in Southend On Sea and beyond.
Am I best advised to choose a Southend On Sea conveyancing practitioner who is local to the property I am hoping to buy? We have a good friend who can carry out the legal work but they are based approximately 350miles drive away.
The primary upside of using a high street Southend On Sea conveyancing firm is that you can visit the firm to execute documents, hand in your identification documents and pester them if necessary. Having local Southend On Sea know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and the majority were content that should outweigh using an unknown Southend On Sea conveyancing solicitor just because they are Southend On Sea based.