Our conveyancer has discovered a defect with the lease for the property we are purchasing in Ewloe. The other side have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our conveyancer says that he must check that the bank is content with this solution. Who is the client here, us or the mortgage company ?
Notwithstanding that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions have to be complied with.
We see that you have a search directory listing solicitors on the Santander conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Ewloe?
We are a listing service only for law firms wishing to communicate if they are on the Santander conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Ewloe.
How does conveyancing in Ewloe differ for newly converted properties?
Most buyers of new build premises in Ewloe come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Ewloe typically purchase 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 property lawyers 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 Ewloe or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Ewloe I like with amenity areas and railway links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Ewloe for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I am looking to sell my home. My previous conveyancers has retired. I am in need of a recommendation of a conveyancing firm. I happen to live in Ewloe if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Ewloe. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.