I am in a contract race with another buyer for a property in Prudhoe. What can I do to expedite matters?
First, If you are under a tight deadline for your conveyancing we would recommend that your solicitor is familiar with the location as they will make use of local relationships and insight. It is even conceivable that they may have conducted previoushouses in the same neighbourhood. Therefore consider using a Prudhoe conveyancing lawyer. Second, double check that the conveyancing firm is on the lender panel. It is said that just under twenty per cent of Prudhoe conveyancing deals are suspended or jeopardised after finding out that a buyer’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the legal transfer of property being held up by an average of 21 days. It is said that this issue impacts approximately 100,000 home moves every year. Most Prudhoe conveyancing firms can not represent certain mortgage companies so do check as early as possible.
How does conveyancing in Prudhoe differ for newly converted properties?
Most buyers of new build or newly converted property in Prudhoe approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because house builders in Prudhoe typically buy 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 accustomed to new build conveyancing in Prudhoe or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, no chain conveyancing. Prudhoe is the location of the property. Can you shed any light on this issue?
Flying freeholds in Prudhoe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prudhoe you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prudhoe may ascertain 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 premises.
Am I right to be concerned that brokers that I am dealing with are suggesting a national conveyancing firm rather than a local Prudhoe conveyancing practice?
As is the case with lots of professional services, often recommendations from connections can be extremely useful or valuable. But there are numerous parties with a keen interest in a conveyancing matter; estate agents, financial adviser and banks may put forward solicitors to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the endorsement. You have the right to select your own lawyer. Don't forget that many lenders specify a panel list of conveyancers you must use for the lender aspect of your home move.
My brother has urged me to use his lawyers for conveyancing in Prudhoe. Should I use them?
There are no two ways about it it’s preferable to find a conveyancing lawyer is to seek feedback from friends or family who have actually used the solicitor that you are contemplating using.
I am a negotiator for a busy estate agent office in Prudhoe where we have witnessed a number of flat sales derailed due to short leases. I have received inconsistent advice from local Prudhoe conveyancing firms. Can you confirm whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 before, or simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
Prudhoe Leasehold Conveyancing - Sample of Queries before Purchasing
-
The prefered form of lease arrangement is where the freehold reversion is in the ownership of the leaseholders. In this situation the tenants benefit from control and even though a managing agent is often employed where the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Generally speaking the cost for major works are not wrapped into the maintenance charges, although there some managing agents in Prudhoe require leaseholders to pay into a reserve fund created for the specific purpose of establishing a fund for major repairs or maintenance.