We selected a Pencoed based lawyer for our conveyancing in Pencoed recently. Looking through the Terms and Conditions I notewe are on the hook for costs even if the movedoes not proceed. Should I ditch them and instruct an on-line conveyancing company who offer no move no charge conveyancing in Pencoed?
Generally there is a concession along the lines that if "No Completion No Fee" is advertised then the fee levels will tend to be be higher to offset those conveyances that do not proceed. Please beware that such arrangements rarely protect you from outlay e.g. Pencoed conveyancing search fees.
Will our solicitor be asking questions regarding flooding during the conveyancing in Pencoed.
Flooding is a growing risk for solicitors dealing with homes in Pencoed. Some people will purchase a property in Pencoed, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a various searches that may be undertaken by the buyer or on a buyer’s behalf which should give them a better understanding of the risks in Pencoed. The standard information sent to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to discover whether the premises has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a buyer may commence a legal claim for losses resulting from an inaccurate response. A buyer’s solicitors should also carry out an enviro search. This will indicate whether there is a recorded flood risk. If so, further investigations will need to be made.
Are there restrictive covenants that are commonly picked up during conveyancing in Pencoed?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Pencoed. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Pencoed differ for newly converted properties?
Most buyers of new build or newly converted property in Pencoed approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Pencoed 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 conveyancing solicitors 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 Pencoed or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Pencoed is where the house is located. Is there any advice you can impart?
Flying freeholds in Pencoed 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 Pencoed you would need to get your solicitor to go 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 Pencoed may decide 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.
I dont have enough spare cash to pay a 10% deposit on my house purchase in Pencoed , but I am keen go ahead. What can I do?
You can accept a lesser deposit. Most property owners will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment