I am considering applying for a Bank of Ireland mortgage for purchase of a new build (under development) in Selsdon with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
How does conveyancing in Selsdon differ for newly converted properties?
Most buyers of new build property in Selsdon come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Selsdon usually 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 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 accustomed to new build conveyancing in Selsdon or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Selsdon prior to retaining solicitors. I have been informed that there is a flying freehold element to the property. Our surveyor has said that some lenders tend not grant a mortgage on this type of house.
It varies from the lender to lender. HSBC has different requirements for example to Halifax. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Selsdon. Conveyancing will be smoother if you use a solicitor in Selsdon especially if they are familiar with such properties in Selsdon.
How do I use your search app to choose a conveyancing practitioner in Selsdon on the approved list for my mortgage?
1st pick a bank such as National Westminster Bank, Leeds Building Society or Platform Home Loans Ltd then choose your preferred area for instance Selsdon. Conveyancing firms in Selsdon and across England and Wales will then be shown.
Should I appoint a Selsdon conveyancing practitioner who is local to the property I am buying? An old friend can execute the legal work however they are based 400kilometers drive away.
The primary upside of using a local Selsdon conveyancing firm is that you can pop in to execute documents, present your identification documents and pester them if necessary. Having local Selsdon know how is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were happy that must surpass using an unfamiliar Selsdon conveyancing lawyer solely due to them being round the corner.
I am the registered owner of a a ground floor purpose built flat in Selsdon. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Most definitely. We can put you in touch with a Selsdon conveyancing firm who can help.
An example of a Freehold Enfranchisement matter before the tribunal for a Selsdon residence is The Woodlands 95 Purley Park Road in April 2009. The Tribunals own valuation produced the figure of £37,912. This case related to 6 flats. The number of years remaining on the existing lease(s) was 78.32 years.
What makes a Selsdon lease defective?
There is nothing unique about leasehold conveyancing in Selsdon. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain parts of the premises Service charge per centages that don't add up correctly leaving a shortfall
You will encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, The Royal Bank of Scotland, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.