Our lawyer has uncovered a a problem with the lease for the property we are buying in Harold Wood. The other side have put forward defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer says that he must ensure that the mortgage company is happy with this solution. Are we the client or is the bank?
Even though you have a mortgage offer from the bank 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 conditions. You and the bank are the client. These conveyancing instructions have to be complied with.
My wife and I have recently appointed a conveyancing solicitor in Harold Wood. I need to find out whether they are accepted on the Accord Mortgages Ltd approved list of lawyers. Can you assist?
The first thing you should do is e-mail your conveyancer and enquire if they can act for the lender. Alternatively you can get in touch with Accord Mortgages Ltd who may be able to help.
How does conveyancing in Harold Wood differ for new build properties?
Most buyers of new build or newly converted property in Harold Wood come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because new home sellers in Harold Wood 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 Harold Wood or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Harold Wood I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in Harold Wood suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may 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 with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Am I right to be concerned by estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Harold Wood conveyancing company?
As with lots of service providers, often referrals from relatives can be extremely useful or valuable. Yet there are many parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and banks might all suggest lawyers to appoint. Sometimes the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the endorsement. You have the right to appoint your own lawyer. You need to be aware that the majority of lenders have an approved list of conveyancers you are obliged to use for the mortgage aspect of your house move.