We're in Lea Bridge, First timers buying with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Intending to buy a apartment in Lea Bridge. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Lea Bridge property lawyer is on the Kent Reliance conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Santander. Is it usual for Santander to only issue the offer once my solicitor in Lea Bridge is approved on their conveyancing panel? Santander have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Santander to deal with your lawyer's application to be on the Santander conveyancing panel. There's no guarantee that your solicitor will be accepted.
Virgin Money have agreed my home loan in principle, my offer on a flat in Lea Bridge has been agreed to, what happens next?
Your estate agent will want to know who your solicitors are (make sure the conveyancers are on the bank’s approved list). Call up Virgin Money or your financial adviser and finish off any appropriate paperwork. Virgin Money will appoint a valuer who will get in contact with the selling agent or vendor to book a time for the valuation to happen. Once conducted (assuming no problems) it takes on average ten days for the mortgage offer to be issued. Virgin Money will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Lea Bridge.
A friend advised me that where I am buying in Lea Bridge I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally quoted for as part of the standard Lea Bridge conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Lea Bridge around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Local Education with maps and statistics, Local Amenities and other useful information concerning Lea Bridge.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Lea Bridge I like with a park and transport links in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Lea Bridge for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
My uncle has suggested that I instruct his conveyancers in Lea Bridge. Should I use them?
There are no two ways about it the best way to select a conveyancing lawyer is to get guidance from friends or relatives who have used the solicitor that you are contemplating using.
I need to review estimates for conveyancing in Lea Bridge from various solicitor and decide on one. Should I instruct them to hold tight until I I have an offer accepted on a flat.
We would recommend that you only get your conveyancer to commence work and order searches once the offer has been agreed to on the property particularly as Lea Bridge conveyancing searches are costly.