My partner and I are looking to buy a house in Ardleigh Green and have appointed a Ardleigh Green conveyancing practice. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Barnsley Building Society have this evening contacted us to inform me that there is now an issue as our Ardleigh Green solicitor is not on their conveyancing panel. Please explain?
If you are buying a property requiring a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Ardleigh Green lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Ardleigh Green. My lender is Platform
Platform have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 6/4/2020, the requirements read as follows :
I need some expedited conveyancing in Ardleigh Green as I have pressure to complete inside one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not taking a home loan you are at liberty not to do searches although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Ardleigh Green the following are instances of what can appear and adversely impact future mortgageability: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
How does conveyancing in Ardleigh Green differ for new build properties?
Most buyers of new build property in Ardleigh Green come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in Ardleigh Green tend to 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 conveyancing solicitors 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 Ardleigh Green or who has acted in the same development.
I am looking for a flat up to £235,500 and identified one round the corner in Ardleigh Green I like with open areas and station in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Ardleigh Green suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
We are in the middle of buying a property in Ardleigh Green. Conveyancing solicitor has told us the property is "Leasehold". Will this likely adversely affect the salability of the property?
Ardleigh Green conveyancing does not normally involve leasehold houses. The crucial consideration here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability too much.
At the other extreme, if it's, say, fifty five years it will have a adverse effect on the saleability, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your conveyancer.