My partner and I are planning to acquire a property in Lea Bridge and have instructed a Lea Bridge conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Chelsea Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Lea Bridge lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with the benefit of a mortgage it is standard for the purchasers' lawyers 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Lea Bridge lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We're in Lea Bridge, First timers buying with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Lea Bridge differ for newly converted properties?
Most buyers of new build premises in Lea Bridge contact us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because developers in Lea Bridge typically 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 used to new build conveyancing in Lea Bridge or who has acted in the same development.
I am looking for a flat up to £305k and found one round the corner in Lea Bridge I like with open areas and station in the vicinity, however it's only got 51 remaining years left on the lease. There is not much else in Lea Bridge suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated 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 could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I today plan to offer on a house that appears to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have just discovered that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Lea Bridge. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the implications of buying a leasehold house in Lea Bridge ?
The majority of houses in Lea Bridge are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. it is apparent that you are buying in Lea Bridge so you should seriously consider shopping around for a Lea Bridge conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer should advise you fully on all the issues.
I have attempted and failed to negotiate with my landlord for a lease extension without getting anywhere. Can the Leasehold Valuation Tribunal adjudicate on such matters? Can you recommend a Lea Bridge conveyancing firm to assist?
Most certainly. We are happy to put you in touch with a Lea Bridge conveyancing firm who can help.
An example of a Freehold Enfranchisement case for a Lea Bridge property is 104 Nightingale Road in May 2009. The Tribunal's Decision is that the premium torbe paid for the enfranchisement in this case is £112,174 This case affected 10 flats. The unexpired lease term was 71.25 years.
The loan offer from a lender for the remortgage of my 3 bedroom flat is expected imminently. Are you able to suggest a low cost remortgage conveyancing practitioner in Lea Bridge ?
You have come to the wrong place to search for the cheapest conveyancing in Lea Bridge. Our aim is to provide value for money conveyancing but we do not aim to advertise as being the cheapest. Resist the temptation to appoint companies offering low cost conveyancing in Lea Bridge.In your best case scenario, in going for cheap conveyancing, you will get what you pay for and at worst you will end up invoiced for extras and still not receive the service required.