I am in a contract race with another prospective purchaser for a property in Radford. What can be done to quicken up the conveyancing process?
Where you are under time constraints for your conveyancing we would recommend that your solicitor is familiar with the area as they will have local relationships and insight. It is possible that they could have conducted previousproperties in the same street. You would be best advised to use a Radford conveyancing solicitor. In addition, be sure that the conveyancing firm is on the member panel. It is said that 18% of Radford conveyancing deals are frustrated or jeopardised after finding out that a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the conveyancing being frustrated by an average of three weeks. It is believed that this issue impacts in the region of 100,000 home sales every year. Almost all Radford conveyancing practices can not act for certain mortgage companies so do check as early as possible.
I am looking to buy a house and need a conveyancing solicitor in Radford who is on the National Westminster Bank approved. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Radford. We dont recommend any particular firm.
Various online forums that I have frequented warn that are the main reason for hinderance in Radford 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 feature within the common causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Radford.
How does conveyancing in Radford differ for new build properties?
Most buyers of new build or newly converted property in Radford contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Radford typically purchase 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 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 Radford or who has acted in the same development.
I am looking for a ground for flat up to £245,000 and identified one near me in Radford I like with amenity areas and transport links nearby, however it's only got 61 years on the lease. There is not much else in Radford for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am in need of some leasehold conveyancing in Radford. Before diving in I would like to find out the remaining lease term.
Assuming the lease is registered - and most are in Radford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Radford Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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The prefered form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this scenario the lessees have control and even though a managing agent is frequently retained if it is bigger than a house conversion, the managing agent acts for the leaseholders themselves. Please note if it is no more than 80 years it will have adverse implications on the salability of the apartment. Check with your lender that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and it is worth finding out what this will be. Remember, in most cases you would need to own the premises for two years before you are eligible to carry out a lease extension. How many of the leaseholders are in arrears for their service charge payments?