My lawyer has identified a a legal deficiency with the lease for the property we are purchasing in Wakefield. The seller’s lawyers have put forward title insurance as a workaround. We are happy with insurance and will pay for it. Our lawyer has advised that he must check that the bank is willing to move forward with this solution. Who is the client here, us or the lender?
Notwithstanding that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements 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 lender are the client. The appropriate lender requirements have to be complied with.
It is 10 years ago since I purchased my home in Wakefield. Conveyancing lawyers have now been instructed on the sale but I am unable to locate the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they may be archived with the solicitor who handled the purchase. Secondly in all probability the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Wakefield relates to registered property but in the rare situation where your property is unregistered it is more tricky but is resolvable.
We have a mortgage agreed in principle with Santander. Wakefield conveyancing lawyers are chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
There is no definitive answer here. Have Santander done the valuation? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Barclays have agreed my home loan in principle, my bid on a house in Wakefield has been accepted, now what?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the bank’s approved list). Telephone Barclays or the financial adviser and finalise any outstanding documentation. Barclays will sellect a valuer who will get in contact with the selling agent or vendor to arrange a slot for the valuation to take place. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Barclays will send the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wakefield.
Our sealed bid on a semi in Wakefield has been agreed to, the vendors do nevertheless have a connected purchase. The vendors have offered on somewhere, however it’s not yet agreed to, and are looking at other apartments in the pipeline. I have chosen a bricks and mortar conveyancing solicitor in Wakefield. What should be my next step? When should I get the mortgage application with Virgin Money going?
It is understandable to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of one thousand pounds, then survey, Wakefield conveyancing search costs, etc). First, you must check that your conveyancer is on the Virgin Money approved list. Concerning the next steps this very much depends on the specifics of your case, motivation for the property and on the state of the market. During a rising market many home buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it was satisfactory would they pay their solicitor to proceed with the conveyancing in Wakefield.
What will a local search tell me about the property I am purchasing in Wakefield?
Wakefield conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search is essential in every Wakefield conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (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 sections.
How simple is it to use the search app to find a conveyancing practitioner in Wakefield on the approved list for my bank?
First pick a mortgage company such as Birmingham Midshires, Virgin Money or Clydesdale then type in your location such as Wakefield. Conveyancing organisations in Wakefield and nationally will then be listed.