Much to our surprise we have been notified by our IFA that my Purley property lawyer is not on the mortgage company Conveyancing panel. What can I do to be sure that this is correct?
You need to call your Purley lawyer directly. You lawyer should inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
Our conveyancer has discovered a a problem with the lease for the flat we are purchasing in Purley. The other side have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our property lawyer has advised that he must ensure that the lender is content with this solution. Are we the client or is the bank?
Notwithstanding that you have a mortgage offer from the bank 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 must be adhered to.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Purley I like with open areas and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Purley suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
My step-father has urged me to instruct his conveyancing solicitors in Purley. Should I use them?
Much as we are happy to recommend a Purley conveyancing lawyer the ideal way to select a conveyancing lawyer is to have guidance from friends or family who have actually previously instructed the conveyancer you're considering.
We have AIP from Barnsley Building Society who said we could borrow up to £300k. At what point do we need to instruct a lawyer for conveyancing? Purley is where we plan to move to.
You can instruct a conveyancing practitioner now so that the lawyer can open the ledger so they can conduct the ID checks etc. Once you wish them to start work you will be asked for a deposit usually approximately £175. That should normally be once you have the mortgage offer and valuation results, however if you want to expedite the process you can start the ball rolling sooner even though you may be risking some money.