My solicitor has identified a a legal deficiency with the lease for the property we are buying in Markyate. The other side have suggested title insurance as a solution. We are happy with insurance and will cover the costs. Our says that he must check that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
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 must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the lender 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 will have no choice but to discontinue acting for you.
My uncle advised me that in purchasing a property in Markyate there could be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
We are aware of anumerous of properties in Markyate which have some sort of restriction or requirement of consent to perform external alterations. Part of the conveyancing in Markyate should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We had chosen conveyancing lawyers based in Markyate on the solicitor panel. They have just billed me a separate charge for the legal aspects of the mortgage. Is this an additional conveyancing fee set by ?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your can charge a fee for this. The fee is not set by but by your Markyate . Some firms on the panel will levy ’dealing with mortgage’ fee and others do not.
I've digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Markyate solicitor - who is on the conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
will need an independent valuation of the property. Your lawyer will not arrange this. Usually will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Markyate surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Due to the encouragement of my in-laws I had a survey completed on a property in Markyate before appointing conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies may refuse to issue a mortgage on this type of house.
It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Markyate. Conveyancing will be smoother if you use a solicitor in Markyate especially if they are familiar with such properties in Markyate.
My father-in-law has recommend that I instruct his lawyers for conveyancing in Markyate. Should I choose my own conveyancer?
There are no two ways about it the best way to select a conveyancing lawyer is to get recommendations from friends or family who have actually previously instructed the solicitor you're contemplating using.
Am in the process of purchasing my first property in Markyate. Conveyancing practitioner already selected. The financial consultant pointed out that a survey is not needed as the house was only built 16 yrs ago.
The bare minimum you need a Home Buyer's Report. Given the residence is more than ten years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report could be sufficient. The report should highlight any apparent problems and recommend further investigation if relevant. Where there are any signs of material issues seek a full structural survey.