It is 10 years ago since I acquired my property in Sydenham Hill. Conveyancing lawyers have recently been appointed on the sale but I can't track down the title documents. Will this cause complications?
Don’t worry too much. Firstly there is a chance that the deeds will be kept by the lender or they may still be with the conveyancers who acted in your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Sydenham Hill involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
I am buying a new build flat in Sydenham Hill. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Sydenham Hill you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Sydenham Hill.
I have been told by my solicitor that absentee landlord insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Sydenham Hill?
The right level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and The Royal Bank of Scotland. Conveyancing lawyers as opposed to borrowers take out such policies.
Completion of my purchase has taken place for my property in Sydenham Hill. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
It is not clear whether my lender requires a lease extension. I have called my Sydenham Hill building society branch on various occasions and was told it wasn't an issue and they will lend. My Sydenham Hill conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the property lawyer is on the lender panel, she or he must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 left on the lease.
How does conveyancing in Sydenham Hill differ for newly converted properties?
Most buyers of new build premises in Sydenham Hill approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is ready to move into. This is because builders in Sydenham Hill typically purchase 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 conveyancing solicitors 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 Sydenham Hill or who has acted in the same development.
My wife and I plan to buy our first home in Sydenham Hill. Conveyancing practitioner already instructed. The financial consultant pointed out that a survey is not appropriate as the house was only constructed 16 yrs ago.
The bare minimum you need a Home Buyer's Report. As the residence is over ten years old the property will not benefit from a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report could suffice. The report should highlight any apparent issues and recommend additional investigation where relevant. Where there are any indications of problems obtain a full Building Survey from the beginning.