I am obtaining a mortgage offer from Santander. I hope to instruct a Licensed Conveyancer in Burnopfield. Does the Santander Conveyancing panel exclude conveyancers regulated by the CLC?
The Santander conveyancing panel is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
Some advice if I may. My Burnopfield lawyer is assuring me that he is legally obliged toorder Burnopfield conveyancing searches becausethe firm are on the Santanderconveyancing panel. Do I not have any say here?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a mortgage with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to follow the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Burnopfield conveyancing searches.
I have been told that property searches are the number one cause of delay in Burnopfield house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any slowing down conveyancing in Burnopfield.
How does conveyancing in Burnopfield differ for new build properties?
Most buyers of new build or newly converted property in Burnopfield come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Burnopfield typically purchase the site, 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 accustomed to new build conveyancing in Burnopfield or who has acted in the same development.
I am looking for a flat up to £235,500 and identified one near me in Burnopfield I like with a park and station in the vicinity, the downside is that it only has 52 years unexpired on the lease. There is not much else in Burnopfield in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years may be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.