The housing market in Faversham is heating up. What can be done to speed up the legal process?
In a situation where you are under time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will make use of local relationships and know-how. It is even conceivable that they may have handled previoushomes in the same neighbourhood. You would be best advised to use a Faversham conveyancing firm. In addition, be sure that the lawyer is on the on the approved list for your mortgage company. It is claimed that just under twenty per cent of Faversham conveyancing deals are suspended or jeopardised after discovering a buyer’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the legal transfer of property being frustrated by as much as three weeks. It is claimed that this issue impacts in the region of one hundred thousand home sales annually. Almost all Faversham conveyancing practices can not act for certain mortgage companies so do check at the outset.
What is the first thing I need to know about purchase conveyancing in Faversham?
You may not hear this from too many lawyers but conveyancing in Faversham or throughout England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for confrontation between you and others involved in the legal transfer of property. For instance, the seller, estate agent and even potentially your lender. Appointing a solicitor for your conveyancing in Faversham should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the transaction whose role it is to look after your best interests and to protect you.
Sometimes a potential adversary may attempt to convince you that it is in your interests to do things their way. For example, the property agent may claim to be helping by suggesting your conveyancer is wrong. Or your mortgage broker may try to convince you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Is it the case that all Faversham CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved practices?
Some major lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
How can we know in advance if a Faversham conveyancing solicitor on the Nationwide panel is any good?
When it comes to conveyancing in Faversham seeking recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the lawyer handling your transaction.
Nottingham have agreed my mortgage in principle, my bid on a property in Faversham has been agreed to, what are the next steps?
The estate agent will wish to be advised as to your conveyancing practitioner's details (be sure the property lawyers are on the lender’s approved list). Call up Nottingham or your broker and complete any relevant documentation. Nottingham will appoint a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes approximately ten days for the mortgage offer to be issued. Nottingham will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Faversham.
I am buying a new build flat in Faversham. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Faversham
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Please supply a car parking plan. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
What makes a Faversham lease unmortgageable?
There is nothing unique about leasehold conveyancing in Faversham. Most leases are individual and drafting errors can sometimes mean that certain clauses are missing. For example, if your lease is missing any of the following, it could be defective:
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Clauses dealing with recovering service charges for expenditure on the building or common parts. A duty to insure the building
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , The Mortgage Works, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.
Leasehold Conveyancing in Faversham - A selection of Queries Prior to Purchasing
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How much is the ground rent and service charge? If a Faversham lease has less than eighty years it will have adverse implications on the value of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering what this will be. Remember, in most cases you will need to own the residence for a couple of years before you are legally able to extend the lease. This information is helpful as a) areas can result in problems for the building as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will need to have all the details
I am considering instructing a web based solicitor rather than a Faversham conveyancing firm. Am I making a mistake?
There are advantages of being able to attend a local Faversham conveyancing solicitor for instance
- signing documents same day
- sometimes being able to see someone face-to-face can make a significant difference, particularly for more complex transactions
- the ability to complain if matters are not going as expected
When comparing quotes, look out for hidden extras. Most decent Faversham high street solicitors give an all-inclusive price. Many online agents seem to offer discounted fees, but have hidden 'extras' in the small print.