This question may be naive but I am unexperienced as FTB of a ground floor flat in Merton. Do I collect the keys to the house on the completion date from my solicitor? If so, I will use a High Street conveyancing solicitor in Merton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and once they have received this, you will be invited to pick up the keys from the selling Agents and start moving into the property. Usually this occurs early afternoon.
How can we tell if a Merton conveyancing solicitor on the Kent Reliance panel is any good?
When it comes to conveyancing in Merton obtaining 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 suggest that you speak with the solicitor conducting your conveyancing.
My fiancee and I are in the process of looking at apartments in Merton and I am now considering a potential offer. Should I already have a conveyancer appointed at this stage? I will be getting a mortgage with Santander.
You should start requesting conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are obtaining a mortgage with Santander, make sure you remember to check that your lawyer is on the Santander conveyancing panel.
How does conveyancing in Merton differ for newly converted properties?
Most buyers of new build premises in Merton approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Merton 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 conveyancing solicitors 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 Merton or who has acted in the same development.
I am looking for a leasehold apartment up to £245,000 and found one near me in Merton I like with open areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Merton suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan that many years will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Am I right to be suspicious about estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a High Street Merton conveyancing practice?
As is the case with lots of service providers, often referrals from family and friends can be very helpful. But there are numerous parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may suggest solicitors to select. Sometimes these solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a commercial relationship behind the endorsement. You have the discretion to choose your own conveyancer. You need to be aware that most mortgage providers operate an approved list of lawyers you are obliged to use for the mortgage aspect of your house move.
Is it best to choose a Merton conveyancing practitioner in close proximity to the house I am purchasing? An old friend can execute the legal formalities but they are based 400kilometers away.
The primary upside of using a local Merton conveyancing practice is that you can visit the firm to sign documents, hand in your ID and apply pressure on them where appropriate. Having local Merton know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and in the main were content that must surpass using an unknown Merton conveyancing lawyer solely due to them being round the corner.
When it comes to leasehold conveyancing in Merton what are the most common lease problems?
Leasehold conveyancing in Merton is not unique. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
-
A provision for the recovery of money spent for the benefit of another party. A provision to repair to or maintain elements of the premises
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Chelsea Building Society, and TSB all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.
Merton Leasehold Conveyancing - A selection of Queries before buying
-
It is important to be aware whether fixing the lift or some other significant cost is pending that will be shared amongst the tenants and will dramatically increase the the maintenance costs or require a specific payment. Does this lease have more than 82 years unexpired? Where a Merton lease has no more than eighty years it will impact the marketability of the property. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will be required to have been the owner of the residence for 24 months before you are entitled to extend the lease.