Our solicitor has uncovered a a legal deficiency with the lease for the apartment we are buying in Horsham. The seller’s lawyers have offered title insurance as a workaround. We are happy with insurance and will pay for it. Our solicitor says that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the mortgage company ?
Regardless of the fact that you have a mortgage offer from the bank does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the lender are the client. These conveyancing instructions must be adhered to.
I require quick conveyancing in Horsham as I have a deadline to exchange contracts inside one month. A mortgage is not required. Can I decline from having conveyancing searches to save money and time?
If.Given you are are a cash buyer you have the choice not to have searches conducted although no lawyer would advise that you don't. With lots of history conveyancing in Horsham the following are examples of what can arise and adversely impact market value: Refused Planning Applications, Overdue Charges, Outstanding Grants, Unadopted Roads,...
How does conveyancing in Horsham differ for newly converted properties?
Most buyers of new build or newly converted property in Horsham come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Horsham tend to 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 Horsham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Horsham I like with a park and transport links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Horsham for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a home loan the remaining unexpired lease term may be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am looking to sell my home. My previous solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. Im based in Horsham if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Horsham. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.