We were just about to exchange contracts for a property in Merton. We encountered a snag. Our loan offer with Aldermore runs out on 30/6/2025 but the owners are suggesting a completion date of 2/7/2025. Is it possible to prolong the mortgage expiry date?
The best person to address this issue is your conveyancer who is in a position to calculate whether they better off negotiating with the mortgage broker, seller’s representatives, property agents or possibly all parties given the history of your conveyancing to date.
Is there a reason why leasehold purchase conveyancing in Merton is more expensive?
Merton leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Having spent time looking at online forums for a recommended solicitor in Merton, many post that I should instruct a CQS kitemarked lawyer. What is CQS?
Merton Conveyancing Quality Scheme solicitors have obtained certification under the Law Society's Scheme (CQS) CQS was brought about to promote high standards in the home buying process. CQS enables home movers to recognise practices that provide a quality residential conveyancing. Merton is one of the many areas in England and Wales in which CQS are based. The scheme requires law firms to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Legal Ombudsman.
Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a garden flat in Merton. Do I collect the keys to the house on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Merton?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the purchase money to the seller's lawyers, and once they have received this, you will be called to receive the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
Is it correct that all Merton CQS (Conveyancing Quality Scheme) solicitors are on the Yorkshire BS conveyancing list of approved solicitors?
It is true that some banks and building societies now make use of the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
When it comes to mortgage companies such as Bank of Ireland, do Merton lawyers have to pay a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I am looking for a ground for flat up to £245,000 and found one round the corner in Merton I like with amenity areas and station in the vicinity, however it's only got 52 years on the lease. I can't really find anything else in Merton suitable, so just wondered if I would be making a mistake buying 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 can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I have just appointed agents to market my basement flat in Merton. Conveyancing solicitors are to be appointed soon, however I have just had a yearly maintenance charge demand – should I leave it to the buyer to sort out?
It best that you clear the service charge as usual because all rents and maintenance charges will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a basement flat in Merton, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Merton with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2092
With 67 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.