Much to our surprise we have been notified by our mortgage broker that my Barrowden property lawyer is not on the bank Conveyancing panel. What can I do to be sure whether this is correct?
The first thing you need to do is to call your Barrowden lawyer directly. It is reasonable to expect your lawyer to notify you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
We are close to exchanging contracts on the sale of our home in Barrowden and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local lawyer would know that there is no such problem. It does beg the question why the purchasers are using a factory type conveyancing practice as opposed to a conveyancing solicitor in Barrowden. Having lived in Barrowden for six years we know that this is a non issue. Should we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
How does conveyancing in Barrowden differ for newly converted properties?
Most buyers of new build property in Barrowden come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Barrowden typically 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 conveyancers 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 Barrowden or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one close by in Barrowden I like with amenity areas and station in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Barrowden in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I am using a search engine for the phrase conveyancing in Barrowden it reveals numerous property lawyersin the area. With so much choice what is the best way to find the suitable property lawyer for my move?
The best way of finding the right conveyancer is through a personal referral, so ask colleagues and those you trust who have acquired a property in Barrowden or the respected estate agent or mortgage broker. Fees for conveyancing in Barrowden vary, so it's advisable to request a minimum of three fee estimates from different law firms. Make sure that you know what costs in the quote includes.
What are your top tips when it comes to choosing a Barrowden conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Barrowden conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Barrowden conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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How many lease extensions have they carried out in Barrowden in the last year?
Leasehold Conveyancing in Barrowden - Examples of Questions you should ask Prior to buying
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How much is the maintenance charge and ground rent on the property? You should want to find out as much as possible about the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the tidiness of the common parts. Ask prospective neighbours if they are happy with them. In conclusion, be sure you discover the dates that the maintenance fees are due to the managing agents and precisely how they are spending the funds. How is the lease structured?