Our lawyer has uncovered a a legal deficiency with the lease for the property we are buying in Parkstone. The other side have offered title insurance as a solution. We are content with insurance and will pay for it. Our lawyer has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the mortgage company ?
Even though you have a mortgage offer from the lender does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the lender are the client. The appropriate lender specifications have to be complied with.
When will exchange of contracts happen for residential conveyancing in Parkstone and am I required to attend the conveyancers branch?
Where you are local to one of the conveyancing solicitors in Parkstone you are welcome to come in to sign the paperwork. However, the firms we recommend provide a nationwide conveyancing service and provide as equally diligent and professional a job for you when communicating with you by post or email. The executing of the property agreement is not the point of no return. A signed contract is necessary for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Parkstone)to be in the office available at the end of the phone to exchange contracts.
Me and my partner are purchasing a property in Parkstone. It might be a silly question but how we can trust a solicitor? At some point we will need to send funds into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Can I be sure that the Parkstone conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Parkstone getting recommendations is a good starting point. 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 suggest that you speak with the lawyer handling your conveyancing.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Parkstone bank branch on numerous occasions and was told it does not impact the mortgage offer and they will lend. My Parkstone conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the conveyancer is on the lender panel, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Parkstone I like with open areas and railway links nearby, however it only has 61 years on the lease. There is not much else in Parkstone suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could 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 and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
How do I find the right lawyer for my conveyancing in Parkstone ?
First ask your friends and family who they used in the past and if they were happy with the service. Second, look on the web for conveyancing in Parkstone. Call two or three from the list and ask them to email you their conveyancing quote and speak to the lawyer who will conduct your conveyancing before you commit. Third is to make use of our search tool to help you find the right solicitors taking into account your unique requirements including location,speed, complexity and who your intended lender is.Do not be fooled by lowest cost conveyancing solicitors in Parkstone