My wife and I are planning to buy a house in Emerson Park and have instructed a Emerson Park conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Accord Mortgages Ltd have this evening contacted us to advise us that they have now hit a problem as our Emerson Park lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is conventional 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 Quality 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 lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Emerson Park lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
How up to date is your search tool for Emerson Park conveyancing solicitors on the TSB conveyancing panel? Do TSB send you an updated list?
Emerson Park conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.
How does conveyancing in Emerson Park differ for new build properties?
Most buyers of new build residence in Emerson Park come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in Emerson Park tend to buy 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 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 Emerson Park or who has acted in the same development.
Over the last few months I have been searching for a flat up to £305k and found one close by in Emerson Park I like with a park and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Emerson Park in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
I am looking at a two maisonettes in Emerson Park both have about 50 years left on the leases. Will this present a problem?
There are plenty of short leases in Emerson Park. The lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
I have had difficulty in trying to purchase the freehold in Emerson Park. Can this matter be resolved via the Leasehold Valuation Tribunal?
Where there is a missing freeholder or if there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the price.
An example of a Lease Extension decision for a Emerson Park property is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The unexpired term as at the valuation date was 57.5 years.
Why is New Build conveyancing in Emerson Park more expensive?
Conveyancing in Emerson Park for newly converted or new build properties usually involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental investigations and contractual considerations.