Our solicitor has identified a defect with the lease for the property we are buying in Gidea Park. The other side have suggested defective title insurance as a solution. We are happy with insurance and will pay for it. Our property lawyer has advised that he must be satisfied that the lender is willing to move forward with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions 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. The appropriate lender requirements must be adhered to.
We are purchasing a flat and need a conveyancing solicitor in Gidea Park who is on the Yorkshire BS conveyancing panel. Can you recommend a local firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Yorkshire BS . We don't recommend any particular firms conducting conveyancing in Gidea Park.
There are a variety of conveyancing solicitors in Gidea Park but how do I know who I should use?
We would encourage you not to go for the cheapest Gidea Park conveyancing fees. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Is it the case that all Gidea Park CQS (Conveyancing Quality Scheme) solicitors are on the Santander conveyancing list of approved firms?
Some major banks and building societies now utilise CQS as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
I can not work out if my lender requires a lease extension. I have called my Gidea Park building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Gidea Park conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend based on their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank approved list, she or he must follow the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
What does a local search inform me regarding the house we're purchasing in Gidea Park?
Gidea Park conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search is essential in every Gidea Park conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant 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.
I have been on the look out for a leasehold apartment up to £305k and identified one round the corner in Gidea Park I like with open areas and railway links in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Gidea Park suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage that many years will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass 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 lawyer about this matter.
Are there any apps to help identify a Gidea Park solicitor on the Leeds Building Society conveyancing panel? I have a car and am prepared to travel upto 20miles to meet the solicitor.
You can use the facility on this website. Please pick a lender and your location and you will see a number of Gidea Park conveyancing lawyers locally. We have detailed some Gidea Park conveyancing firms at the bottom of this page and you can contact them to verify whether they are on the Leeds Building Society approved list