Our lawyer has identified a a problem with the lease for the flat we are buying in Grays. The seller’s lawyers have put forward defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor says that he must be satisfied that the lender is happy with this solution. Are we the client or is the lender?
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 bank are the client. These conveyancing instructions have to be complied with.
It is is a decade since I acquired my property in Grays. Conveyancing solicitors have recently been instructed on the sale but I am unable to locate my deeds. Will this cause complications?
You need not be too concerned. First the deeds may be with the mortgage company or they may be in the possession of the conveyancers who acted in your purchase. Secondly the chances are that the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Most conveyancing in Grays involves registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a ground floor flat in Grays. Do I collect the keys to the house on completion from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Grays?
On the day of completion you do not need to attend the conveyancers office in Grays. Your solicitors will arrange to send the completion advance to the seller's solicitors, and shortly after the monies have arrived, you will be invited to collect the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.
We are purchasing a victorian detached house in Grays. The intention is to an extension at the rear at the property.Will legal due diligence on the property involve enquiries to ascertain if these works are permitted?
Your property lawyer will check the registered title as conveyancing in Grays can occasionally identify restrictions in the title documents which prevent categories of changes or require the consent of a 3rd party. Some extensions require local authority planning consent and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be sensible to check these issues with a surveyor ahead of any purchase.
How can we know in advance if a Grays conveyancing solicitor on the Skipton panel is any good?
When it comes to conveyancing in Grays getting recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advocate that you speak with the lawyer carrying out your conveyancing.
How does conveyancing in Grays differ for new build properties?
Most buyers of new build or newly converted property in Grays approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Grays typically acquire the land, 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 accustomed to new build conveyancing in Grays or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Grays I like with open areas and transport links in the vicinity, the downside is that it's only got 49 years on the lease. There is not much else in Grays for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.