We are intending to buy a 3 bedroom apartment in Chessington with a mortgage. We like our Chessington lawyer, however the lender advise he's not on their "panel". It appears that we have little choice but to appoint one of the lender panel conveyancing practices or retain our Chessington lawyer as well as pay for one of their panel lawyers to represent them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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 Chessington conveyancing lawyer to apply to be on the conveyancing panel.
I am in a contract race with another buyer for a property in Chessington. What can be done to quicken up the buying process?
First, If the seller is applying time constraints for your conveyancing it is advisable to make sure that your conveyancer is familiar with the location as they will benefit local connections and insight. It is possible that they may have conducted previoushouses in the same neighbourhood. You would be best advised to use a Chessington conveyancing solicitor. In addition, make sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Chessington conveyancing transactions are delayed or jeopardised after discovering a purchaser’s conveyancer was not on their banks list of approved solicitors. This can often result in the home move being frustrated by an average of 21 days. It is understood that this issue affects in the region of one hundred thousand home sales annually. Almost all Chessington conveyancing practices can not act for certain lenders so do check at the outset.
How does conveyancing in Chessington differ for new build properties?
Most buyers of new build residence in Chessington come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Chessington usually 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 Chessington or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and identified one close by in Chessington I like with a park and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Chessington suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I need to retain a conveyancing solicitor for remortgage conveyancing in Chessington. I have stumble across a site which looks to be the perfect offering If it is possible to get all the legals done via phone that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Our conveyancer in Chessington has uncovered a a problem with the lease for the apartment we are buying in Chessington. The seller’s lawyers have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor has advised that as he is on the lender conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the bank?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Chessington conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. The appropriate lender requirements must be adhered to by the lender conveyancing panel who has to balance acting for you and the lender