I am obtaining a mortgage offer from Lloyds. I hope to instruct a Licensed Conveyancer in Kensal Green. Does the Lloyds Conveyancing panel allow for Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, represented by the Council or Mortgage Lenders or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
What does my ID and proof of funds have anything to do with my conveyancing in Kensal Green? Is this really necessary?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with prior to agreeing to accepting their conveyancing instruction. The Terms of Engagement that you need to sign will no doubt reaffirm this. Your lender will also require certain documents to be viewed. If you refuse to supply identification documents, your conveyancer can not take you on as a client.
How does conveyancing in Kensal Green differ for newly converted properties?
Most buyers of new build premises in Kensal Green approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is ready to move into. This is because builders in Kensal Green usually 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 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 used to new build conveyancing in Kensal Green or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and found one near me in Kensal Green I like with open areas and station in the vicinity, however it only has 51 years on the lease. There is not much else in Kensal Green in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
What does commercial conveyancing in Kensal Green cover?
Kensal Green conveyancing for business premises covers a wide array of advice, provided by qualified solicitors, relating to business premises. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
We own a leasehold flat in Kensal Green. Conveyancing was completed in 21012. I have heard that I should not let the the remaining lease term to get too low. Why is that a problem?
Kensal Green residential long term leases are for a fixed period - normally 99 years when they started. However many appartments in Kensal Green were constructed or converted 20 or more years ago and so such leases now have less than 80 years left to run. This may seem like a long time but Banks, Building Societies and other mortgage companies tend to need leases to have a minimum of 75 years left to adequate security. This means that when you come to sell the property you will need a lease extension if you are getting close to eighty years. To increase the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also strong financial reasons to doing so before the lease hits eighty years as when the lease is below 80 years the amount to be paid to extend starts to increase.