Why is leasehold purchase conveyancing in Wanstead costs more?
The conveyancing fees on a leasehold premises in Wanstead is inevitably greater as compared to a freehold property. This is due to the extra investigations necessary in liaising with the freeholder and managing agents to obtain evidence concerning whether the rent and maintenance charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the block.
Are the BSA intent on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for example in Wanstead?
We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.
We have agreed to purchase a house in Wanstead. An unusual aspect is that the roof has a solar panel. Kent Reliance have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Kent Reliance your lawyer must follow the formal instructions contained in Section two of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook includes minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Kent Reliance where a lease fails to meet these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Wanstead.
My partner and I are at the point of looking at apartments in Wanstead and I am about to put in an offer. Should I already have a conveyancer in place at this point? I am planning to take a mortgage with Skipton.
It would be sensible to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. As you are taking out a mortgage with Skipton, make sure you remember to check that your lawyer is on the Skipton conveyancing panel.
The mortgage over my property is with Coventry BS for my property in Wanstead. Conveyancing has been completed months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Coventry BS?
You must advise Coventry BS prior to letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel lawyer.
How does conveyancing in Wanstead differ for newly converted properties?
Most buyers of new build property in Wanstead come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Wanstead usually 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 Wanstead or who has acted in the same development.
I decided to have a survey carried out on a property in Wanstead prior to instructing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks tend refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Wanstead. Conveyancing may be slightly more expensive based on your lender's requirements.
Am I best advised to go with a Wanstead conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can perform the legal formalities but her office is approximately 350kilometers drive away.
The primary upside of using a high street Wanstead conveyancing firm is that you can drop in to sign documents, deliver your identification documents and apply pressure on them where appropriate. Having local Wanstead know how is a bonus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were happy that must trump using an unknown Wanstead conveyancing solicitor just because they are based in the area.