My wife and I are planning to purchase a home in Ardleigh Green and are in fact using a Ardleigh Green conveyancing firm. Within the past 48 hours our property lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Halifax have this morning contacted us to advise us that there is now an issue as our Ardleigh Green solicitor is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ardleigh Green lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
The Ardleigh Green conveyancing firm handling our Ardleigh Green conveyancing has uncovered a discrepancy when comparing the assumptions in the valuation report and what is revealed within the legal papers for the property. My solicitor has advised that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my lawyer’s approach appropriate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions 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.
It is 10 years ago since I bought my home in Ardleigh Green. Conveyancing solicitors have just been appointed on the sale but I am unable to find the title documents. Will this jeopardise the sale?
You need not be too concerned. Firstly there is a chance that the deeds will be kept by your lender or they may be in the possession of the solicitor who oversaw your purchase. Secondly the likelihood is that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Most conveyancing in Ardleigh Green involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
How does conveyancing in Ardleigh Green differ for new build properties?
Most buyers of new build property in Ardleigh Green come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Ardleigh Green tend to acquire 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 Ardleigh Green or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Ardleigh Green I like with open areas and railway links nearby, however it's only got 52 years on the lease. I can't really find anything else in Ardleigh Green in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I am a sole trader wishing to lease a unit on a shopping parade. Can you recommend solicitors offering no-move-no costs for commercial conveyancing in Ardleigh Green for under £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Ardleigh Green, including the disposal and acquisition of businesses as well as simply premises. If you are intending to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right firm. As for the costs these will vary based on the structure and nuances of the proposed transaction. Please provide us with your contact information or phone so as to enable us to provide you with a fixed commercial conveyancing calculation.