We're in Prestwich, FTBs purchasing with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I acquired my apartment on 12 September and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Prestwich advises it would be concluded in less than a month. Are titles in Prestwich uniquely lengthy to register?
As far as conveyancing in Prestwich is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether there are errors and whether the Land registry communicate with any 3rd persons or bodies. As of today roughly 80% of submission are fully dealt with in less than three weeks but occasionally there can be protracted hold-ups. Registration is effected once the new owner has moved in to the premises so an expedited registration is not typically an essential issue yet where it is urgent that the the registration takes place urgently then you or your lawyers can communicate with the Registry to express the reasoning for the application to be prioritised.
How does conveyancing in Prestwich differ for newly converted properties?
Most buyers of new build or newly converted property in Prestwich approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because new home sellers in Prestwich tend to 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 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 Prestwich or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what was supposed to be a quick, chain free conveyancing. Prestwich is the location of the property. Can you offer any advice?
Flying freeholds in Prestwich are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prestwich you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prestwich may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I'm remortgaging my current home to a buy to let loan with Accord Mortgages Ltd and I will use the rest of the raised equity as a down payment on further house. The area we are looking at is Prestwich. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our comparison tool on this page to ensure that the conveyancers are on the appropriate lender panels. On the basis that they are your lawyer will be able to tie up the two deals but you should talk with you conveyancer and make apparent your desired outcome and needs.
I am in need of some leasehold conveyancing in Prestwich. Before I get started I would like to find out the unexpired term of the lease.
If the lease is registered - and almost all are in Prestwich - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Prestwich Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
-
Its a good idea to find out as much as possible about the company managing the building as they will either make life much simpler or problematic. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the tidiness of the common parts. Ask other people what they think of their service. Finally, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money. Most Prestwich leasehold flats will have a service charge for maintenance of the block levied on behalf of the landlord. If you acquire the property you will have to pay this liability, usually quarterly throughout the year. This may differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent for you to pay annual, ordinarily this is not a large sum, say about £50-£100 but you need to enquire it because sometimes it could be many hundreds of pounds. What is the the remaining lease term?