I am not in a position to travel far from Paddock Wood. Is there a reason why all Paddock Wood conveyancers aren't automatically on all lender panels?
Pre- 2008 most lenders had an attitude to risk which is different from today. The FSA in 2010 carried out a thematic review into fraud which concluded: know the property lawyers on your panel. Consequently, mortgage companies have since looked to extract more information from law firms regarding their operations and the individuals who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have been removed from lender panels even though they had an exemplary track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms found it impossible meet the minimum volume of transactions the lenders set.
We are selling our home in Paddock Wood and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. A local lawyer would know this is not the case. It does beg the question why the buyers instructed an online conveyancing outfit as opposed to a conveyancing solicitor in Paddock Wood. Having lived in Paddock Wood for many years we know that this is a non issue. Do we get in touch with our local Authority to seek confirmation that the buyers are looking for.
It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
How does conveyancing in Paddock Wood differ for newly converted properties?
Most buyers of new build premises in Paddock Wood come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Paddock Wood typically purchase the land, 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 Paddock Wood or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and found one round the corner in Paddock Wood I like with a park and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Paddock Wood 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 home loan that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Hoping to buy a property located in Paddock Wood and I am already nervous. I couldn't find anything specific about Paddock Wood. Conveyancing will be needed in due course but do you know about the Paddock Wood area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Paddock Wood. In the meantime here are some basic statistics that we found
Completion is due on the sale of our £425,000 garden flat in Paddock Wood next Wednesday. The managing agents has quoted £360 for Landlord’s certificate, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Paddock Wood?
Paddock Wood conveyancing on leasehold maisonettes ordinarily involves fees being levied by freeholders :
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Answering conveyancing due diligence enquiries
Where consent is required before sale in Paddock Wood
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Paddock Wood Conveyancing for Leasehold Flats - A selection of Questions you should consider before Purchasing
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Please note that where the lease has no more than eighty years it will impact the marketability of the apartment. It is worth checking with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth discovering how much this would cost. For most Paddock Woodlease extensions you will be required to have owned the property for two years in order to be entitled to extend the lease. What restrictions are contained in the Paddock Wood Lease? It would be sensible to discover as much as possible concerning the managing agents as they can either make your life much easier or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues such as the cleanliness of the communal areas. Ask prospective neighbours what they think of them. Finally, be sure you discover the dates that the service charges are due to the managing agents and specifically what it includes.