How does conveyancing in Farnborough differ for newly converted properties?
Most buyers of new build residence in Farnborough approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Farnborough usually 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 accustomed to new build conveyancing in Farnborough or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Farnborough is the location of the property. Can you shed any light on this issue?
Flying freeholds in Farnborough are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Farnborough you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Farnborough 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.
What tools are available to locate a Farnborough solicitor on the Bank of Scotland conveyancing panel? I have a car and am prepared to travel upto 20miles to meet the solicitor.
Feel free to make use of the tool on this website. Please pick a mortgage company and your location and you will see a number of Farnborough conveyancing lawyers located nearest you. We have listed some Farnborough conveyancing firms at the bottom of this page and you can contact them to check whether they are on the Bank of Scotland approved list
My husband and I are 17 days into a leasehold purchase having been directed to conveyancers by the local agent to carry out the conveyancing in Farnborough. We are not happy. Can you you assist me in finding new solicitors?
A solicitor would have to be very bad in order to consider changing them. Has the mortgage been sent? In the event that it has you must make them aware of the new contact details and get the mortgage documents are re-sent. Your solicitor ideally needs to be on the mortgage company approved list to avoid escalating costs and complications. So that should be your starting point. Our search tool can assist you in finding a bank approved conveyancer for your conveyancing in Farnborough
I work for a busy estate agent office in Farnborough where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Farnborough conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence 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 wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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.
Farnborough Conveyancing for Leasehold Flats - Sample of Questions you should ask before Purchasing
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What is the name of the managing agents? How is the lease structured? Many Farnborough leasehold flats will incur a service charge for maintenance of the block invoiced on behalf of the landlord. Where you purchase the property you will have to meet this liability, normally periodically during the year. This can differ from a few hundred pounds to thousands of pounds for blocks with lifts and large common grounds. In all likelihood there will be a ground rent to be met annual, ordinarily this is not a exorbitant amount, say about £25-£75 but you need to check as sometimes it can be many hundreds of pounds.
Do all mortgage companies provide you with an approved list of Farnborough solicitors? How do you know who is on the mortgage company conveyancing panel?
Farnborough firms and firms conducting conveyancing in Farnborough themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the bank directly.