My solicitor has identified a defect with the lease for the property we are buying in Willen. The other side have offered defective title insurance as a workaround. We are content with insurance and will pay for it. Our lawyer says that he must check that the mortgage company is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the mortgage company are the client. These conveyancing instructions have to be complied with.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Willen. My lender is Nationwide Building Society
Nationwide Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 18/11/2024, the requirements read as follows :
Will our conveyancer be asking questions concerning flooding as part of the conveyancing in Willen.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Willen. There are those who purchase a house in Willen, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Willen. The standard completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the vendor, then a purchaser may commence a claim for damages as a result of such an misleading response. A purchaser’s conveyancers should also commission an environmental search. This should indicate if there is any known flood risk. If so, more detailed inquiries will need to be made.
How does conveyancing in Willen differ for new build properties?
Most buyers of new build or newly converted property in Willen approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Willen typically 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 Willen or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Willen is where the house is located. What do you suggest?
Flying freeholds in Willen are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Willen you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Willen 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.