Can you help? My Merton solicitor is informing me me that she is duty bound toapply for Merton conveyancing searches resulting from the fact thatthe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with a bank your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Merton conveyancing searches.
Why do I have to pay up front for conveyancing in Merton?
If you are buying a property in Merton your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the purchase price then this will be asked for shortly ahead of contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
How does conveyancing in Merton differ for newly converted properties?
Most buyers of new build property in Merton approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Merton tend to buy 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 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 accustomed to new build conveyancing in Merton or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Merton I like with amenity areas and station nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Merton suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 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 existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
My fiance and I may need to rent out our Merton 1st floor flat temporarily due to a new job. We used a Merton conveyancing firm in 2002 but they have closed and we did not have the foresight to seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Merton do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Leasehold Conveyancing in Merton - A selection of Questions you should ask Prior to buying
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What is the the remaining lease term? You will want to discover as much as you can about the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues such as the cleanliness of the common parts. Enquire of prospective neighbours whether they are happy with their management. In conclusion, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money.
We have had DIP from Lloyds TSB Bank who suggested we could borrow up to £117k. At what point do I need to appoint a practitioner for conveyancing? Merton is where we plan to move to.
You can instruct a property lawyer now so that the lawyer can open the ledger so they can conduct their AML checks etc. As and when you wish them to start work you will be asked for a deposit normally about £175. That should normally be after you have the loan offer from the lender and survey results, nevertheless if you wish to speed the process you can start sooner even though you may be risking some expense.