We are hoping to purchase a 3 bedroom flat in New Malden with a mortgage. We have a New Malden conveyancer, however the lender advise he's not on their "panel". It seems we have no choice but to instruct one of the lender panel solicitors or continue with our New Malden property lawyer as well as pay for one of their panel firms to represent them. We feel that this is unjust; can we not demand that the lender use our New Malden property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your New Malden conveyancing solicitor to apply to be on the conveyancing panel.
I have given 2 months notice to my current landlord and have to be out of my let out apartment in New Malden by 9/11/2020. Conveyancing on my purchase is progressing. Is it possible to complete in three weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to provide notice on a rental until exchange of contracts has taken place. Assuming that you have not already done so, contact to your solicitor and request that they apply pressure on the sellers lawyers, try to get a realistic time scale from them that everyone will work to achieve
When does exchange of contracts take place for sale conveyancing in New Malden and am I required to attend the conveyancers branch?
Where you are round the corner to one of the conveyancing solicitors in New Malden you are invited in to sign the paperwork. That being said, the law practices we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you by post or email. The signing of the property agreement is not the important part. A signed contract is necessary for the firm to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in New Malden)to be in the office available at the end of the phone to exchange contracts.
I acquired my apartment on 16 September and my personal details is yet to be registered. Any reason for this? My conveyancing solicitor in New Malden expressed confidence that it will be formalised in less than a month. Are transfers in New Malden uniquely lengthy to register?
There is nothing unique about conveyancing in New Malden registration formalities. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry need to notify any third parties. Currently approximately 80% of submission are fully addressed within 12 days but some can be subject to protracted delays. Registration is effected once the purchaser has moved in to the premises thus 'speed' is not typically top priority but if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I am looking for a flat up to £235,500 and identified one near me in New Malden I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years on the lease. There is not much else in New Malden for this price, 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 remaining unexpired lease term will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a house with a leasehold title in New Malden. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in New Malden ?
Most houses in New Malden are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in New Malden so you should seriously consider shopping around for a New Malden conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will report to you on the legal implications.