At what point can the exchange of contracts occur in residential conveyancing in Morden and am I required to be at the lawyers branch?

Where you are near to our conveyancing solicitors in Morden you are invited in to sign the paperwork. That being said, the law practices we recommend offer countrywide coverage for conveyancing and give just as diligent and professional a job for you when dealing with you electronically. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the conveyancer to address the formalities at the appropriate time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Morden)to be in the office available at the end of the phone to exchange contracts.

How does conveyancing in Morden differ for new build properties?

Most buyers of new build property in Morden contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because new home sellers in Morden 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 accustomed to new build conveyancing in Morden or who has acted in the same development.

I have been on the look out for a flat up to £245,000 and identified one round the corner in Morden I like with open areas and transport links in the vicinity, however it's only got 52 remaining years left on the lease. There is not much else in Morden in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?

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 not already taken into account. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.

What advice can you give us when it comes to finding a Morden conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Morden conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Morden conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:

How experienced is the firm with lease extension legislation?

Having spent years of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Morden. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?

Absolutely. We are happy to put you in touch with a Morden conveyancing firm who can help.

An example of a Lease Extension case for a Morden property is 14 Nutwell Street in January 2014. The premium payable for the acquisition of a new lease of the subject premises was in the sum of £30,523 This case affected 1 flat. The unexpired lease term was 62.94 years.

My wife and I recently become aware that one of the partners of the firm acting on the purchase conveyancing in Morden is a relative of the seller. Is this acceptable?

On the basis that there is no conflict of interest this is allowable. If you are obtaining a home loan then the mortgage company may have a say as many banks have specific requirements on this. For example for RBS - Virgin One as of 16/11/2024, the requirements read as follows :