At what point does exchange of contracts occur in domestic conveyancing in Chichester and do I need to attend the solicitors branch?
Where you are local to our conveyancing solicitors in Chichester you are welcome to come in to sign documents. That being said, the firms we work with provide a nationwide conveyancing service and provide as equally comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the firm to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chichester)to be in the office available at the end of the phone to exchange contracts.
Various internet forums that I have frequented warn that are a common reason for hinderance in Chichester conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Chichester.
How does conveyancing in Chichester differ for newly converted properties?
Most buyers of new build residence in Chichester approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Chichester typically 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 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 used to new build conveyancing in Chichester or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and identified one near me in Chichester I like with a park and station nearby, however it's only got 52 years unexpired on the lease. There is not much else in Chichester in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I am looking into buying my first house which is in Chichester and I am already nervous. I couldn't find anything specific about Chichester. Conveyancing will be needed in due course but do you know about the Chichester area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Chichester. In the meantime here are some basic statistics that we found
We own a leasehold flat in Chichester. Conveyancing was finalised in 21012. I have read on numerous advice forums that I mustn’t let the the remaining lease term to get too short. What is the reasoning?
Chichester leasehold properties are for a fixed term - often 99 years when they commenced. However many appartments in Chichester were built or converted 30 or more years ago and so these leases now have under 80 years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage institutions tend to require leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To optimize the marketability of your property you should be thinking about whether to extend your lease well in advance of selling the property. Please note that there are strong financial reasons to doing so before the lease hits 80 years as when the lease is below eighty years the premium you have to pay to extend starts to escalate.