Our lawyer has identified a defect with the lease for the property we are purchasing in Margate. The other side have put forward defective title insurance as a solution. We are happy with insurance and will cover the costs. Our lawyer says that he must check that the lender is content with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the lender are the client. The appropriate lender provisions have to be complied with.
When does exchange of contracts happen for sale conveyancing in Margate and am I required to be at the solicitors branch?
If you are near to our conveyancing solicitors in Margate you are invited in to sign documents. That being said, the firms we work with supply a national conveyancing service and give just as comprehensive and professional a job for you when communicating with you electronically. The signing of the sale agreement is not the important part. Signing on the dotted line is necessary for the solicitor to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Margate)to be in the office available at the end of the phone to exchange contracts.
Having invested time looking at moneysavingexpert.com for a cheap solicitor in Margate, most post that I must use a CQS accredited solicitor. What is CQS?
Margate Conveyancing Quality Scheme solicitors have been granted certification by the law Society The Law Society established CQS to promote high standards in the in the legal transfer of properties. CQS helps house movers to recognise practices who provide a quality residential conveyancing. Margate is one of locations in England and Wales in which accredited firms have a presence. The scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Association of British Insurers.
Over the last few months I have been searching for a flat up to £235,500 and identified one near me in Margate I like with a park and transport links nearby, however it only has 52 remaining years left on the lease. There is not much else in Margate in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan that many years will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
Is it best to appoint a Margate conveyancing solicitor based in the location that I am hoping to buy? An old friend can carry out the legal work but his firm is located 400kilometers drive away.
The benefit of a high street Margate conveyancing practice is that you can pop in to sign paperwork, deliver your ID and apply pressure on them if necessary. Having local Margate know how is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and in the main were content that should trump using an unfamiliar Margate conveyancing lawyer just because they are based in the area.