I am in a contract race with another buyer for a property in Denbighshire. What can be done to accelerate the legal process?
In a situation where the seller is applying a tight deadline to complete it is highly recommended that your lawyer is familiar with the area as they will have local relationships and knowledge. It is even conceivable that they would have handled previousproperties in the same street. Therefore consider using a Denbighshire conveyancing firm. In addition, double check that the conveyancing firm is on the member panel. It is believed that nearly one in five of Denbighshire conveyancing deals are held up or derailed after discovering a buyer’s conveyancer was not on their banks panel. This can often result in the home move being delayed by almost three weeks. It is understood that this issue affects approximately one hundred thousand home moves annually. Many Denbighshire conveyancing practices can not act for certain mortgage companies so do check as early as possible.
I am selling my home in Denbighshire. Does my property lawyer need to be required to be on the Bank of Ireland conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Bank of Ireland conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
Various online forums that I have come across warn that are the primary cause of stalling in Denbighshire conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Denbighshire.
It has been five months since my purchase conveyancing in Denbighshire concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Denbighshire differ for newly converted properties?
Most buyers of new build premises in Denbighshire approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Denbighshire tend to acquire 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 Denbighshire or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Denbighshire is where the house is located. Can you shed any light on this issue?
Flying freeholds in Denbighshire are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Denbighshire you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Denbighshire may determine 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.