Can you explain why leasehold purchase conveyancing in Whitchurch costs more?
Whitchurch leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Whitchurch so that I can attend their offices if required.
Whereas this was necessary twenty years ago, almost all banks no longer need their conveyancing panel lawyer to witness the mortgagors signature. It will still be necessary for you to supply ID documents and there are still manifest benefits to using a locally based practitioner, in your case a conveyancing solicitor in Whitchurch.
I have been told that property searches are the number one cause of stalling in Whitchurch conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Whitchurch.
How does conveyancing in Whitchurch differ for new build properties?
Most buyers of new build premises in Whitchurch come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Whitchurch 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 accustomed to new build conveyancing in Whitchurch or who has acted in the same development.
I decided to have a survey carried out on a property in Whitchurch in advance of instructing lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend not issue a mortgage on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you call us we can look into this further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Whitchurch. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Whitchurch to see if the conveyancing will be more expensive.
Can you provide any advice for leasehold conveyancing in Whitchurch with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Whitchurch can be avoided where you get in touch lawyers as soon as your agents start marketing the property and ask them to put together the leasehold documentation which will be required by the buyers’ conveyancers. If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Obtaining a replacement share certificate is often a time consuming formality and frustrates many a Whitchurch conveyancing transaction. If a duplicate share is needed, you should approach the company officers or managing agents (where relevant) for this sooner rather than later. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is put on the market. The buyers and their solicitors will be reluctant to purchase a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is better to reveal the dispute as over as opposed to unresolved. Many freeholders or managing agents in Whitchurch charge for providing management packs for a leasehold home. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Whitchurch.
Leasehold Conveyancing in Whitchurch - A selection of Queries before buying
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Best to be warned if changing the roof or some other significant cost is pending that will be shared by the leasehold owners and will dramatically impact the level of the maintenance costs or require a specific payment. You should be aware if it is no more than eighty years it will affect the value of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you would need to own the residence for 24 months before you are eligible to extend the lease. Does the lease have onerous restrictions?