At what point does exchange of contracts take place for purchase conveyancing in Durham and am I required to be at the conveyancers office?
If you are near to one of the conveyancing solicitors in Durham you are invited in to sign the paperwork. That being said, the lender approved solicitors we recommend offer a national conveyancing service and give just as diligent and professional a job for you when dealing with you electronically. The signing of the contract is not the important part. A signed contract simply enables the solicitor to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Durham)to be in the office at the appropriate time.
I just acquired a property at auction in Durham. Conveyancing is necessary. What happens now?
Now that you have exchanged you now have to find a conveyancing solicitor as a matter of urgency as you will have a tight a drop dead date to complete the conveyancing. Every auction property should have a bespoke auction set of papers. This will include evidence of title and search results. In the case of leasehold property the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to give this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in place to complete on the date specified in the contract.
My uncle pointed out to me me that in buying a property in Durham there could be various restrictions as to what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in Durham which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Durham should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
How can we tell if a Durham conveyancing solicitor on the Coventry BS panel is any good?
When it comes to conveyancing in Durham getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the solicitor conducting your transaction.
I own a terraced Victorian property in Durham. Conveyancing lawyer acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Durham and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing solicitor who conducted the work.
I opted to have a survey completed on a house in Durham before retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some mortgage companies will not issue a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you contact us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Durham. Conveyancing may be slightly more expensive based on your lender's requirements.
What are your top tips when it comes to appointing a Durham conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Durham conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Durham conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If they are not ALEP accredited then why not?
Durham Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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You should want to discover as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the communal areas. Ask other people if they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically what it includes. Many Durham leasehold apartments will have a service bill for maintenance of the block levied by the freeholder. Where you acquire the flat you will have to pay this charge, usually quarterly accross the year. This could vary from several hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a rentcharge to be met annual, this is usually not a exorbitant figure, say around £50-£100 but you should to enquire it because sometimes it could be many hundreds of pounds. Make sure you investigate if there are any onerous prohibitions in the lease. For example some leases prohibit pets being permitted in certain buildings in Durham. If you like the apartmentin Durham yet your cat is not allowed to make the move with you then you will be presented with a difficult compromise.
I am short of a 10% deposit on my flat purchase in Durham , but I am keen exchange. What can I do?
You can agree a smaller deposit. Many property owners will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment