Why do I have to pay up front when it comes to conveyancing in Markyate?
If you are buying a property in Markyate your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the sale price then this should be needed immediately before exchange of contracts. The closing balance that is needed should be sent to your lawyer a couple of days ahead of the completion date.
We're in Markyate, First time buyers buying with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A relative advised me that if I am buying in Markyate I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Markyate conveyancing searches. It is not a small report of about 40 pages, listing and setting out important information about Markyate around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Markyate Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Markyate Education with maps and statistics, Local Amenities and other useful data about Markyate.
How does conveyancing in Markyate differ for new build properties?
Most buyers of new build property in Markyate contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Markyate usually buy the real estate, 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 Markyate or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Markyate is where the house is located. Can you offer any opinion?
Flying freeholds in Markyate are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Markyate you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Markyate 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 property.
Am I best advised to go with a Markyate conveyancing practitioner who is local to the property I am purchasing? We have a good friend who can perform the legal formalities however his firm is located 300kilometers away.
The primary upside of using a local Markyate conveyancing practice is that you can attend the office to sign paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were impressed that should surpass using an unknown Markyate conveyancing lawyer solely due to them being based in the area.