We're in East Barming, First time buyers buying with a mortgage (lender is Co-operative , and our lawyer is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor 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.
I require expedited conveyancing in East Barming as I have an ultimatum to sign on the dotted line inside 4 weeks. Fortunately I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you are at free not to do searches although no conveyancer would recommend that you don't. With lots of history conveyancing in East Barming the following are instances of what can appear and therefore impact future saleability: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...
How does conveyancing in East Barming differ for newly converted properties?
Most buyers of new build residence in East Barming approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in East Barming typically buy 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 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 East Barming or who has acted in the same development.
I am looking for a flat up to £305k and identified one round the corner in East Barming I like with open areas and transport links nearby, the downside is that it only has 61 years on the lease. There is not much else in East Barming 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 require a mortgage the shortness of the lease will likely be problematic. 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 twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
I have today placed an offer on an apartment in East Barming and the estate agent that we are dealing with suggested his lawyer. She quoted £900 plus VAT and 3rd party costs. Does this sound like a good deal?
You should not rely on one estimate. You should obtain like-for-like quotes for your conveyancing in East Barming. Then pick one that you are comfortable with and just as important, is on the approved panel of the lender that you have applied for a mortgage from.