We are soon to exchange on the purchase of a property in Coulsdon but as a consequence of damage from the recent storms I have managed to agree reparation from the owner of three thousand pounds taking the form of a adjustment in the price. This was going to be dealt with as part of a side agreement however UBS will not permit this. Should they have been involved?
Your lawyer being on a UBS approved list is obliged to inform UBS of any variations to the purchase price. If you were to refuse your solicitor to notify the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new solicitor for your conveyancing in Coulsdon.
Are there restrictive covenants that are commonly picked up during conveyancing in Coulsdon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Coulsdon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Coulsdon differ for new build properties?
Most buyers of new build or newly converted property in Coulsdon approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Coulsdon tend to 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 used to new build conveyancing in Coulsdon or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a straight forward, chain free conveyancing. Coulsdon is where the house is located. Is there any advice you can impart?
Flying freeholds in Coulsdon are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Coulsdon you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Coulsdon may decide 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 property.
How up-to-date is your search tool for the lender conveyancing panel in Coulsdon? Do the lenders send you an updated list?
Coulsdon law firm practices and firms carrying out conveyancing in Coulsdon themselves provide us confirmation that they are on the mortgage company conveyancing panel as opposed to being supplied with a list from the mortgage company directly.