I am in a contract race with another prospective purchaser for a property in Oval. What can I do to expedite matters?
Where you are under a tight deadline to complete it is highly recommended that your solicitor is familiar with the location as they will make use of local relationships and intelligence. It is even conceivable that they may have handled otherhouses in the same street. Therefore consider using a Oval conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is understood that 18% of Oval conveyancing deals are held up or derailed after finding out that a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. This can often result in the legal transfer of property being held up by an average of three weeks. It is understood that this issue impacts in the region of one hundred thousand home moves every year. Almost all Oval conveyancing firms can not act for certain lenders so do check at the outset.
We are planning to buy with Norwich and Peterborough Building Society. We have called around locally yet am unable to find a Oval conveyancing firm on the Norwich and Peterborough Building Society panel. Can you assist?
Feel free to take advantage of the find a conveyancing panel solicitor tool on this site. Please choose the building society and type Oval or your preferred area and you will see numerous conveyancers offices in Oval or by proximity to you.
Should my conveyancer be raising questions regarding flooding as part of the conveyancing in Oval.
The risk of flooding is if increasing concern for solicitors dealing with homes in Oval. Some people will purchase a house in Oval, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to impart advice on flood risk, however there are a numerous searches that can be undertaken by the buyer or by their conveyancers which will give them a better understanding of the risks in Oval. The conventional set of property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the property has suffered from flooding. In the event that the premises has been flooded in past and is not disclosed by the seller, then a buyer may bring a legal claim for losses stemming from an incorrect reply. The buyer’s solicitors will also order an enviro report. This will reveal whether there is any known flood risk. If so, additional investigations should be initiated.
How does conveyancing in Oval differ for new build properties?
Most buyers of new build or newly converted property in Oval come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because house builders in Oval 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 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 Oval or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Oval I like with amenity areas and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Oval suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will likely 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 existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.