My fiance and I are planning to acquire a flat in Bexley and are in fact using a Bexley conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Platform Home Loans Ltd have this evening contacted us to advise us that there is now an issue as our Bexley conveyancer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is conventional for the purchasers' solicitors to also act for 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 Quality Scheme. Your property lawyer should contact your mortgage company 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bexley solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.
Why do I have to pay up front when it comes to conveyancing in Bexley?
If you are buying a property in Bexley your lawyer will request that you place them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is payable against the purchase price then this should be asked for shortly ahead of exchange of contracts. Any further balance that is due should be sent to your lawyer shortly before completion.
How does conveyancing in Bexley differ for new build properties?
Most buyers of new build or newly converted property in Bexley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Bexley tend to buy the land, 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 Bexley or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and identified one near me in Bexley I like with amenity areas and station in the vicinity, however it's only got 61 years on the lease. I can't really find anything else in Bexley in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a home loan the remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.
My business partner and I are planning to take over a lease of a shop on the high street. Can you recommend conveyancers offering fixed charges for commercial conveyancing in Bexley for below £1,200?
We are happy to recommend firms who have an in-depth of experience of commercial conveyancing in Bexley, including the sale and acquisition of businesses as well as simply premises. Whether you are intending to buy or lease a shop, pub, restaurant, office, retail unit or a complete business we can find you the right lawyer. As for the fees these will vary based on the structure and heads of terms of the proposed transaction. Please provide us with your contact information or email so as to enable us to provide you with a detailed commercial conveyancing quote.
I am 14 days into a residential purchase having been referred to a firm by the estate agent to handle our conveyancing in Bexley. I am am starting to be disappointed with the level of service. Could you help me find new lawyers?
They would have to be very bad to suggest replacing them. Has your mortgage offer been generated? In the event that it has you need to inform them of the new contact details and have the loan are issued to the new lawyers. The solicitor ideally needs to be on the lenders panel to avoid supplemental charges and delays. That should be your first question of the new lawyers. Our find a solicitor tool will assist you in finding a lender approved solicitor for your home move in Bexley