Why do I have to pay up front when it comes to conveyancing in Bromley Common?
If you are buying a property in Bromley Common your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the sale price then this should be required shortly prior to exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
We wish to acquire a newly converted flat in Bromley Common with a residential mortgage from Platform Home Loans Ltd.We would like to retain our Bromley Common conveyancing solicitor but Platform Home Loans Ltd advised that she’s not listed on their "panel". we are left little option but to use a Platform Home Loans Ltd panel lawyer or retain our preferred solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Platform Home Loans Ltd use our lawyer?
No, not really. The loan offered to you is subject to its various provisions, a common one being that lawyers needs to be on the Platform Home Loans Ltd approved list. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Platform Home Loans Ltd
I have been told that property searches are the main cause of stalling in Bromley Common house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Bromley Common.
I am looking for a flat up to £235,500 and identified one near me in Bromley Common I like with open areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Bromley Common in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
What does commercial conveyancing in Bromley Common cover?
Non domestic conveyancing in Bromley Common covers a wide array of advice, offered by regulated solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My husband and I hope to buy our first property in Bromley Common. Conveyancing lawyer already chosen. The mortgage adviser suggested that a survey is not appropriate as the property was only constructed twenty two years ago.
As the bare minimum you need a Home Buyer's Report. Given the property is more than ten years old the property will not come with a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be sufficient. The report should highlight any apparent problems and recommend additional investigation if appropriate. If there are any indications of material issues get a full Building Survey from the beginning.