I am about to exchange on the purchase of a property in Highams Park but as a result of wreckage from some water damage at the property I have managed to agree compensation from the vendor of £3k by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet Yorkshire BS are not allowing this. Should they have been notified?
Any property lawyer that is on a Yorkshire BS conveyancing panel is duty bound to disclose to Yorkshire BS of any amendments to the sale price. If you were to refuse your conveyancing practitioner to notify the reduction to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new property lawyer for your conveyancing in Highams Park.
When researching consumer advice sites for an affordable solicitor in Highams Park, most say that I must use a CQS kitemarked lawyer. What is CQS?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's leading banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Highams Park is one of the numerous areas of the UK where there are CQS lawyers.
How does conveyancing in Highams Park differ for newly converted properties?
Most buyers of new build premises in Highams Park come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Highams Park 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 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 Highams Park or who has acted in the same development.
I'm refinancing my current house to a BTL mortgage with Accord Mortgages Ltd and I will use the ballance of the raised equity as a deposit on another property. The area we are looking at is Highams Park. Will your lawyers be able to act for the two mortgage companies and tie in the conveyances?
Do use our comparison tool on this page to ensure that the conveyancers are approved by both lenders. Having checked that they are your solicitor should be able to simultaneously deal with the two deals but you should have a chat with you lawyer and make apparent your desired outcome and requirements.
We own a leasehold flat in Highams Park. Conveyancing was completed in 2010. I have heard that I mustn’t allow the lease length get too low. Why is that a problem?
Highams Park leasehold properties are for a fixed period - often just under one hundred years when they commenced. However many appartments in Highams Park were built or converted 35 or more years ago and so such leases now have under 80 years left to run. That may seem like a long time however Banks, Building Societies and other mortgage companies generally need leases to have a minimum of seventy five years left to adequate security. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To optimize the saleability of your property you should be thinking about whether or not to extend your lease long before you come to sell it. Furthermore strong financial reasons to taking action before the lease hits 80 years as when the lease is less than 80 years the premium to be paid to extend starts to escalate.