Why do I have to pay up front when it comes to conveyancing in Christchurch?
Where you are retaining lawyers for conveyancing in Christchurch your solicitor will request that you to provide them with monies to cover the search fees. Generally this is needed to cover the fees of the conveyancing searches. If any down payment is payable against the purchase price then this will be asked for immediately ahead of contracts are exchanged. The final balance that is due should be sent to your lawyer a few days prior to the day of completion.
How does conveyancing in Christchurch differ for new build properties?
Most buyers of new build or newly converted property in Christchurch approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is built. This is because builders in Christchurch tend to 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 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 Christchurch or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and identified one close by in Christchurch I like with open areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Christchurch suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage the shortness of the lease will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
In my capacity as executor for the estate of my grandmother I am disposing of a house in Cardiff but live in Christchurch. My solicitor (based 200 miles from merequires that I execute a statutory declaration prior to the transaction finalising. Could you suggest a conveyancing lawyer in Christchurch to attest this legal document for me?
Technically speaking you should not need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will do regardless of whether they are Christchurch based
I today plan to offer on a house that seems to be perfect, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Christchurch. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the implications of buying a leasehold house in Christchurch ?
Most houses in Christchurch are freehold and not leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are buying in Christchurch in which case you should be looking for a Christchurch conveyancing practitioner and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as obtaining the landlord’sconsent to carry out alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your lawyer should report to you on the legal implications.
Leasehold Conveyancing in Christchurch - A selection of Queries Prior to Purchasing
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Is there a share of the freehold? Where a Christchurch lease has no more than eighty years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will most likely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you would need to own the premises for 24 months before you are entitled to extend the lease. It is important to be aware if changing the roof or some other significant cost is pending that will be shared amongst the tenants and will dramatically impact the level of the maintenance charges or require a one off payment.
I'm purchasing a bungalow in Christchurch. I can find my conveyancer's company on the Law Society's list, but I can't see my lawyer's name on the list. Should I be concerned?
Not every individual in the practice must be listed by the regulator. As long there is a manager qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unlicensed staff.