As a FTB what is the most important advice you can give me concerning purchase conveyancing in Southwark?
You may not hear this from too many lawyers but conveyancing in Southwark or throughout England and Wales is often a confrontational experience. In other words, when it comes to conveyancing there exists lots of room for friction between you and others involved in the transaction. For instance, the vendor, property agent and sometimes your mortgage company. Appointing a lawyer for your conveyancing in Southwark is a critical decision as your conveyancer is your adviser, and is the ONE party in the process whose responsibility is to act in your legal interests and to keep you safe.
There is a definite ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. You your first instinct should be to trust your conveyancer above all other parties when it comes to the legal assignment of property.
How does conveyancing in Southwark differ for new build properties?
Most buyers of new build or newly converted property in Southwark contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Southwark typically 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 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 used to new build conveyancing in Southwark or who has acted in the same development.
I am looking for a leasehold apartment up to £235,500 and found one near me in Southwark I like with open areas and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Southwark in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
Am I right to be concerned about brokers that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Southwark conveyancing firm?
As is the case with many service providers, often referrals from family and friends can be extremely useful or valuable. But there are lots of parties with a vested interest in a conveyancing deal; estate agents, mortgage brokers and banks might all suggest conveyancers to use. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there might be a commercial relationship behind the endorsement. You are at liberty to choose your preferred conveyancer. Don't forget that most banks specify a panel list of solicitors you have to use for the lender aspect of your transaction.
In scouring the world wide web for the words on line conveyancing in Southwark it reveals many property lawyersin the vicinity. With so much choice what is the best way to find the right conveyancer for me?
The best method of choosing a suitable conveyancer is via trusted recommendation, so ask friends and family who have acquired a property in Southwark or a respected estate agent or financial adviser. Fees for conveyancing in Southwark vary, so it's advisable to secure at least three quotes from different property lawyers. Dont forget to clarify that the fees are fixed.
Our solicitor in Southwark has uncovered a a legal deficiency with the lease for the property we are purchasing in Southwark. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that as he is on the mortgage company conveyancing panel he must be satisfied that the lender is happy with this solution. Who is the client here, us or the lender?
Just because you have a mortgage offer from the lender does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Southwark conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. The appropriate lender requirements have to be complied with by the lender conveyancing panel who has to balance acting for you and the lender