My wife and I are intent on acquiring property in Martlesham Heath. My Conveyancer has never been on on the mortgage company conveyancing list. Is it possible for me to retain my Martlesham Heath conveyancing solicitor even though they are excluded from the lender panel of approved conveyancing solicitors?
You have numerous choices available to you here
- Proceed with your existing Martlesham Heath conveyancer but your mortgage company will undoubtedly instruct a property lawyer on their approved panel. The net result is additional cost and likely interruption.
- Get a fresh conveyancer to conduct the conveyancing, making sure they are on the lender conveyancing panel.
- Convince your property lawyer to do everything within their powers to join the mortgage company conveyancing panel
IfI was to acquire a simple residential housein Martlesham Heath for cash and dispense with a survey and no local authority searches how much would I expect to have to pay for conveyancing in Martlesham Heath?
Any savings you would make would be isolated to the Martlesham Heath conveyancing searches. A property lawyer still be obliged to do everything else - money laundering, communicating with the sellers conveyancer, SDLT submission, register the property etc. A marginal saving might be made by not needing to register a mortgage however it won't be a lot.
We just had an offer accepted to purchase with Loughborough BS. I visited a couple of local practices but cant to find a Martlesham Heath conveyancing firm on the Loughborough BS approved list. Can you help?
Please do make the most of the search tool on this page. Please choose the mortgage company and type Martlesham Heath or your preferred area and you will discover a number of lawyer based in Martlesham Heath or near you.
How does conveyancing in Martlesham Heath differ for newly converted properties?
Most buyers of new build property in Martlesham Heath come to us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Martlesham Heath usually acquire 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 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 Martlesham Heath or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Martlesham Heath I like with a park and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Martlesham Heath in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease may be problematic. Reduce the offer by the expected 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 could ask them to commence the lease extension formalities 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 lawyer about this.
In relation to leasehold conveyancing in Martlesham Heath what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Martlesham Heath. Most leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter 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. Birmingham Midshires, Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, forcing the buyer to pull out.
I am the registered owner of a ground floor flat in Martlesham Heath, conveyancing was carried out 5 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Martlesham Heath with an extended lease are worth £175,000. The ground rent is £65 invoiced annually. The lease ends on 21st October 2083
With just 58 years unexpired the likely cost is going to range between £21,900 and £25,200 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.