My conveyancer has discovered a a problem with the lease for the property we are buying in West Bridgford. The seller’s lawyers have offered title insurance as a solution. We are content with insurance and will pay for it. Our solicitor says that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
I purchased a freehold property in West Bridgford but nevertheless pay rent, why is this and what is this?
It is rare for properties in West Bridgford and has limited impact for conveyancing in West Bridgford but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Have just purchased a repossessed house at auction in West Bridgford. Conveyancing is necessary. What happens now?
Now that you are legally committed yourself to purchase you must find a conveyancing practitioner as a matter of urgency as you are faced with a tight deadline in which to complete the transaction. Every auction property should have a corresponding legal pack. This will include most,if not all of the paperwork that your conveyancer will need. If you have purchased leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to a leasehold property. You should hand this to the conveyancer working for you ASAP. You also need to ensure that your finances are in place to complete on the date specified in the contract.
I am expecting a DIP from HSBC this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any West Bridgford solicitors on the HSBC conveyancing panel, or is it better to go independently?
You will need to appoint West Bridgford solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
The formalities of my purchase has taken place for my property in West Bridgford. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
How does conveyancing in West Bridgford differ for new build properties?
Most buyers of new build premises in West Bridgford contact us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in West Bridgford 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 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 West Bridgford or who has acted in the same development.
I opted to have a survey done on a house in West Bridgford ahead of instructing solicitors. I have been informed that there is a flying freehold aspect to the property. My surveyor has said that some banks may refuse to give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can check via 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 West Bridgford. Conveyancing will be smoother if you use a solicitor in West Bridgford especially if they are acquainted with such properties in West Bridgford.