I am not well enough to travel far from Connahs Quay. I would like to know the understand why all Connahs Quay lawyers aren't automatically on all bank panels?
Before the recession most lenders exhibited an approach to risk which differs from the current day. The Financial Services Authority in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the solicitors on your panel. As a result, banks have subsequently requiredmore data from law firms about their processes and the staff employed by them and set certain criteria such as completing a minimum volume of transactions. Thousands of firms have found themselves removed from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the minimum volume of transactions the mortgage companies insisted on.
How does conveyancing in Connahs Quay differ for newly converted properties?
Most buyers of new build or newly converted property in Connahs Quay approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Connahs Quay tend to 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 property lawyers 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 Connahs Quay or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Connahs Quay I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Connahs Quay in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease may be an issue. 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 a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My cousin has recommend that I appoint his conveyancing solicitors in Connahs Quay. Should I use them?
No doubt the best way to select a conveyancing solicitor is to get feedback from friends or relatives who have actually used the conveyancer that you are are thinking of instructing.
I am a negotiator for a busy estate agent office in Connahs Quay where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given conflicting advice from local Connahs Quay conveyancing firms. Please can you shed some light as to whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Connahs Quay - Examples of Questions you should consider Prior to buying
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Its a good idea to find out as much as possible concerning the managing agents as they can either make your living at the property much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters such as the upkeep of the communal areas. Ask prospective neighbours what they think of them. On a final note, be sure you discover the dates that the maintenance charges are due to the appropriate party and specifically what you get for your money. Are there any major works in the near future that will likely add a premium to the maintenance fees? The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this scenario the leaseholders enjoy control and even though a managing agent is often retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders.
I am hoping to purchase a repression flat in Connahs Quay and the mortgagee in possession require completion within 28 days. Can a property lawyer complete in this timeframe? Would it be better to select a high street Connahs Quay firm or an online company that advertises to complete quickly?
Attend your Connahs Quay shopping parade. Go in to 3 firms and ask to see a conveyancing solicitor for an estimate. Set out your situation and try and obtain assurances on time frames. Choose the one that seems most genuine. Make sure to select a solicitor on the list of property lawyers approved by your mortgage company.