My wife and I are purchasing a flat in Raynes Park. It might be a silly question but how we can trust a lawyer? At some point we have to send money into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
How does conveyancing in Raynes Park differ for newly converted properties?
Most buyers of new build premises in Raynes Park contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Raynes Park usually purchase 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 Raynes Park or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Raynes Park I like with open areas and station nearby, however it only has 52 years on the lease. I can't really find anything else in Raynes Park for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities 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.