I am in a contract race with another prospective purchaser for a property in East and West Horsley. What can be done to quicken up the conveyancing process?
In a situation where you are under time constraints to sign contracts it is highly recommended that your solicitor is familiar with the area as they will have local relationships and know-how. It is even conceivable that they may have conducted otherproperties in the same road. You would be best advised to use a East and West Horsley conveyancing solicitor. Second, double check that the conveyancing firm is on the lender panel. It is estimated that just under twenty per cent of East and West Horsley conveyancing deals are frustrated or derailed after finding out that a purchaser’s solicitor was not on their banks member panel. This can often result in the conveyancing being frustrated by an average of three weeks. It is claimed that this issue affects approximately 100,000 home moves annually. Almost all East and West Horsley conveyancing firms can not represent certain lenders so do check at the outset.
How does conveyancing in East and West Horsley differ for new build properties?
Most buyers of new build premises in East and West Horsley come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in East and West Horsley tend to acquire 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 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 used to new build conveyancing in East and West Horsley or who has acted in the same development.
I have been on the look out for a ground for flat up to £235,500 and found one round the corner in East and West Horsley I like with amenity areas and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in East and West Horsley suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Discount the offer by the amount the 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 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 current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.