I am not well enough to travel far from Shefford. What is the rationale as to why all Shefford property lawyers aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to limit who can represent them, from the public’s or lawyer’s perspective, the other side of the coin is that banks are increasingly anxious and consider it vital to shield themselves from mortgage fraud. As a consequence of this concern banks are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
As someone clueless as to the Shefford conveyancing process what is your top tip you can give me concerning the ownership transfer in Shefford
Not many law firms shout this from the rooftops but conveyancing in Shefford and elsewhere in Bedfordshire is an adversarial experience. In other words, when it comes to conveyancing there is lots of opportunity for friction between you and others involved in the legal transfer of property. For example, the seller, property agent and even potentially a bank. Selecting a lawyer for your conveyancing in Shefford is a critical decision as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to protect your best interests and to protect you.
We are witnessing a definite ongoing adversarial element to conveyancing- someone has to be blamed for the process taking so long. You should always trust your lawyer ahead of the other players when it comes to the legal transfer of property.
What will a local search inform me about the house my wife and I purchasing in Shefford?
Shefford conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search company for example PSG The local search is essential in every Shefford conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
How does conveyancing in Shefford differ for newly converted properties?
Most buyers of new build or newly converted property in Shefford contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is completed. This is because developers in Shefford typically acquire the real estate, 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 used to new build conveyancing in Shefford or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Shefford I like with a park and railway links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Shefford suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.