Is there a reason why leasehold purchase conveyancing in Dunmow costs more?
The conveyancing costs on a leasehold property in Dunmow is frequently greater as compared to a freehold acquisition or disposal. This is because there is an amount of additional time required in liaising with the landlord and management company to collate the evidence concerning whether the rent and maintenance charges have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
We're in Dunmow, First timers purchasing with a mortgage (lender is Virgin Money , and our lawyer is on the Virgin Money conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Virgin Money conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Dunmow differ for new build properties?
Most buyers of new build or newly converted property in Dunmow contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because house builders in Dunmow tend to acquire the site, 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 used to new build conveyancing in Dunmow or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Dunmow I like with a park and station in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Dunmow suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
I'm remortgaging my primary property to a buy to let loan with TSB and intend to use the remaining equity as a down payment on a second property. The neighborhood we are looking at is Dunmow. Will your solicitors be able to act for both sets of banks and link together the conveyances?
Do use our comparison tool on this page to be sure that the lawyers are on the appropriate lender panels. Assuming that they are the conveyancer will be able to tie up the two conveyancing matters but you should talk with you lawyer and specify your desired outcome and needs.