The Sefton conveyancing firm handling our Sefton conveyancing has discovered an inconsistency when comparing the surveyor’s assumptions in the home valuation survey and what is in the legal papers for the property. My solicitor says that he is obliged to check that the bank is OK with this discrepancy and is content to go ahead. Is my conveyancer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Can you explain why leasehold purchase conveyancing in Sefton is more expensive?
Sefton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I am buying a property in Sefton. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Aldermore be concerned?
Given that you are obtaining a mortgage with Aldermore your lawyer must comply with the formal requirements set out in Section 2 of UK Finance Lenders’ Handbook for Aldermore. The CML Handbook sets out minimum specifications for solar panel roof-space leases, and lawyers are required to report to Aldermore where a lease fails to satisfy these provisions. The conditions relate to the installation of panels on properties in England and Wales and is not limited to Sefton.
Having 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 Sefton solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS 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 Sefton 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.
My offer on a semi in Sefton has been agreed to, but there is a chain. The vendors have put an offer on somewhere, however it’s not yet tied up, and have viewings of other flats in the pipeline. I have selected a high street conveyancing solicitor in Sefton. What should be my next step? When should I get the mortgage application with Clydesdale started?
It is usual 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 approx £1k, then valuation, Sefton conveyancing search charges, etc). First, you should ensure that your conveyancing practitioner is on the Clydesdale conveyancing panel. Regarding the next steps this very much dictated by the specifics of your case, desire for this property and on the state of the market. In a buoyant market the majority of home buyers will apply for a home loan with Clydesdale and arrange for the valuation and only if it comes back ok would they request their property lawyer to press on with searches.
How does conveyancing in Sefton differ for newly converted properties?
Most buyers of new build premises in Sefton come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Sefton 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 conveyancing solicitors 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 Sefton or who has acted in the same development.
My partner and I are purchasing a 2 bedroom flat in Sefton. At the point of instructing our property lawyer, they said that they were on all major UK bank panels. The mortgage broker called yesterday to say that they don't seem to be on the Yorkshire BS approved list. Should that be true, what should we do? Do we simply choose a new lawyer that is on their approved list or should we pay for separate representation, with Yorkshire BS appointing their own approved lawyer.
When purchasing a property with mortgage finance it is normal for the purchaser’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to satisfy. Some mortgage companies now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should contact Yorkshire BS and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Yorkshire BS's conveyancing panel as you are at liberty to use your preferred Sefton lawyers, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.