Our conveyancer has uncovered a a problem with the lease for the property we are purchasing in Gidea Park. The seller’s lawyers have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our conveyancer has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. These conveyancing instructions must be adhered to.
Can I be sure that the Gidea Park conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Gidea Park seeking recommendations is a good start. 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 advertising the lowest fees. We would always advise that you speak with the solicitor carrying out your conveyancing.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Gidea Park solicitor - who is on the Clydesdale conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Gidea Park postcode. As you are getting a mortgage with Clydesdale, you could contact them to see if they have a list of approved surveyors in Gidea Park.
Kent Reliance have agreed my home loan in principle, my offer on a house in Gidea Park has been agreed to, what are the next steps?
The property agent will wish to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s approved list). Call up Kent Reliance or your financial adviser and finish off any outstanding documentation. Kent Reliance will sellect a valuer who will get in touch with the selling agent or vendor to schedule a slot for the valuation to occur. Once conducted (assuming no problems) it takes about ten days to receive the mortgage offer. Kent Reliance will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Gidea Park.
How does conveyancing in Gidea Park differ for newly converted properties?
Most buyers of new build or newly converted property in Gidea Park contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Gidea Park typically purchase 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 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 used to new build conveyancing in Gidea Park or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Gidea Park I like with open areas and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Gidea Park in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
In what way does the Landlord & Tenant Act 1954 impact my commercial premises in Gidea Park and how can you help?
The particular law that you refer to gives security of tenure to business tenants, granting the dueness to apply to court for a renewal tenancy and remain in occupation when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and handle your commercial conveyancing in Gidea Park
Builders have put forward a solicitor and I've sought an estimate from them. They are almost two hundred pounds cheaper than my local Gidea Park property lawyer. Should I use them?
Builders frequently have panels of solicitors who expedite matters and who know the developer’s paperwork and lawyer. Plenty of developers offer an incentive to select their approved property lawyer for this reason, any increased charges can be avoided and a developer won't suggest a conveyancing warehouse and run the risk of having the transaction stall when they want exchange inside a month. A counter-argument for not agreeing to use the suggested lawyer is that they may be reluctant to 'push' your interests for fear of alienating the sellers. If you worry that this may be the case you should remain with your local Gidea Park conveyancer.