We're in Mevagissey, First timers buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
2 months have gone by since my purchase conveyancing in Mevagissey took place. I have checked the Land Registry site which shows that I paid £200,000 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 asset 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 Mevagissey differ for new build properties?
Most buyers of new build property in Mevagissey approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Mevagissey 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 Mevagissey or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one close by in Mevagissey I like with amenity areas and station nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Mevagissey in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
Should I be wary by brokers that I am dealing with are encouraging me to use an online conveyancing firm rather than a local Mevagissey conveyancing company?
As is the case with lots of service providers, often suggestions from connections can be worth their weight in gold. Yet there are numerous people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks might all put forward lawyers to use. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there may be a financial incentive behind the endorsement. You are free to choose your preferred lawyer. Don't forget that most mortgage providers operate an approved list of solicitors you must use for the mortgage aspect of your conveyancing.
My husband and I are novice buyers - agreed a price, but the property agent told us that the vendor will only issue a contract if we instruct the agent's recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local solicitor accustomed to conveyancing in Mevagissey
It is highly unlikely the sellers are driving this. Should the vendor desire ‘a quick sale', turning down a serious buyer is likely to cause more damage than good. Contact the owners directly and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you intend to instruct your own,trusted Mevagissey conveyancing solicitors - as opposed tothose that will provide the estate agent a referral fee or hit his conveyancing thresholds pre-set by head office.