My partner and I are purchasing a leasehold flat in Edith Weston. My Solicitor is not on the mortgage company approved list. Is it possible for me to retain my Edith Weston conveyancing solicitor notwithstanding that they are excluded from the bank panel?
Your options include
- Proceed with your existing Edith Weston conveyancing practitioner but your lender will no doubt retain a conveyancer from their approved panel. This will result in additional charges together with probable interruption.
- Appoint a fresh conveyancing practitioner to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your lawyer to seek to join the bank panel
The Edith Weston conveyancing firm handling our Edith Weston conveyancing has uncovered an inconsistency when comparing the assumptions in the home valuation survey and what is revealed within the legal papers for the property. My solicitor says that he needs to ensure that the bank is happy with this discrepancy and is still content to lend. Is my solicitor’s stance correct?
Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
How does conveyancing in Edith Weston differ for newly converted properties?
Most buyers of new build premises in Edith Weston approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Edith Weston usually 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 accustomed to new build conveyancing in Edith Weston or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and identified one close by in Edith Weston I like with amenity areas and transport links in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Edith Weston in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
Me and my partner are FTB’s just having agreed a price on a property in Edith Weston, and are now looking to get solicitors instructed. We have used the different comparison based websites and the quotes are from all across the England and Wales. Is it important to have a Edith Weston lawyer local to your potential new home? We are content to do everything over the web, but I am thinking at some stage we will need to attend the property lawyer's office to sign contracts?
There is no requirement to physically visit the office of your property lawyer, they can post any relevant papers to you, which you can sign and send back. Many buyers and sellers choose to use a locally based solicitor, but it is not essential for conveyancing in Edith Weston.