Are there restrictive covenants that are commonly picked up during conveyancing in Hockley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Hockley. 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 Hockley differ for new build properties?
Most buyers of new build or newly converted property in Hockley approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because house builders in Hockley tend to purchase the land, 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 Hockley or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Hockley is the location of the property. Can you shed any light on this issue?
Flying freeholds in Hockley are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hockley you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hockley may ascertain 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 residence.