I have given 8 weeks notice to my existing landlord and must be out of my rented apartment in Bankside by . Conveyancing for my house purchase has just started. Is it possible to complete in a couple of weeks as I wish to avoid having to find short term accommodation?
It is unwise to serve notice on a rental unless you have exchanged. If you have not previously done so, speak to your lawyer and ask them to they seek the assistance the owners lawyers, try to an acceptable time-line that all parties will work towards
Can you explain why leasehold purchase conveyancing in Bankside costs more?
The conveyancing costs on a leasehold property in Bankside is inevitably higher as compared to a freehold residence. This is due to the supplemental time required in corresponding with the landlord and management company to obtain evidence concerning whether the rent and service charges have been paid and whether there are any major works due in the foreseeable future on repairs or maintenance of the block.
How does conveyancing in Bankside differ for new build properties?
Most buyers of new build or newly converted property in Bankside come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Bankside usually purchase the land, 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 property lawyers 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 Bankside or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a property in Bankside prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some mortgage companies may refuse to give a loan on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bankside. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bankside to see if the conveyancing will be more expensive.
Am I right to be suspicious that brokers that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a High Street Bankside conveyancing firm?
As is the case with many service providers, often suggestions from relatives can be worth their weight in gold. But there are many players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all recommend lawyers to retain. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You are at liberty to select your own lawyer. However, bear in mind that some mortgage providers have an approved list of conveyancers you are obliged to use for the mortgage related work in your transaction.