I plan on acquiring a leasehold flat in Fortis Green. My lawyer has never been on on the mortgage company conveyancing panel. Am I still permitted to continue with my Fortis Green conveyancing solicitor even though they are not on the lender list of approved lawyers?
One will need to use a conveyancer to complete the legal work required when you take out a loan to purchase your home. The property lawyer will carry out all the essential due diligence on the property, ensuring that you’re registered as proprietor and ensure that all the required mortgage paperwork is dealt with. One can select a Fortis Green property lawyer of your choosing. Nevertheless, where the conveyancing practitioner selected is not on the bank approved list additional fees will be levied as separate legal representation will be need by the mortgage company. Lender panel applications can be submitted, so provided your conveyancer has not historically sought membership they should take the opportunity to apply.
We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather instruct a Fortis Green based conveyancing firm?
Do check but the chances are that appoint one of their panel solicitors where you want the "fee-free" offer. Contact the bank to ask if they make available a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case that money can go towards your preferred conveyancing solicitor in Fortis Green.
What is the difference between a licensed conveyancer and conveyancing solicitor in Fortis Green
Two types of professional can execute conveyancing in Fortis Green namely licenced conveyancers or solicitors. Both professionals handle the legal services that required to complete the disposal or acquisition of property. Both are duty bound to execute Fortis Green conveyancing to the same quality and guidelines so you can be sure that your conveyancing will be professionally carried out and that all requisite procedures will be appropriately attended to.
Have just purchased a probate house at auction in Fortis Green. Conveyancing is required. What happens now?
Now that you are exchanged you now have to find a conveyancing lawyer as a matter of priority as you now have a tight a fixed date to complete the property. An auction property will have an associated legal set of papers. This will include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in order to complete the transaction on the set completion date.
When it comes to mortgage companies such as Virgin Money, do Fortis Green conveyancers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
How does conveyancing in Fortis Green differ for new build properties?
Most buyers of new build or newly converted property in Fortis Green approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Fortis Green tend to buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Fortis Green or who has acted in the same development.
I am looking for a leasehold apartment up to £305k and identified one round the corner in Fortis Green I like with a park and transport links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Fortis Green suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will be a potential deal breaker. Discount the price by the anticipated 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 ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
I own a leasehold flat in Fortis Green. Conveyancing was finalised in 2010. I have heard that I should not allow the the remaining lease term to get too short. Why is that a problem?
Fortis Green domestic long term leases are for a prescribed term - normally 99 years when they commenced. However a significant flats in Fortis Green were built or converted 30 or more years ago and so such leases now have under 80 years unexpired. That may seem like plenty of time however Banks, Building Societies and other mortgage companies tend to require leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are nearing eighty years. To enhance the marketability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. Please note that there are advantages to taking action before the lease reaches even 80 years as when the lease falls below eighty years the amount to be paid to extend starts to escalate.