I have todaydiscovered that Action Conveyancing have closed. They carried out my conveyancing in Watlington for a purchase of a leasehold apartment 12 months ago. How can I check that the property is not still registered in the name of the previous owner?
The easiest method to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Watlington conveyancing specialists.
How does conveyancing in Watlington differ for newly converted properties?
Most buyers of new build property in Watlington approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Watlington tend to purchase the land, 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 Watlington or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Watlington I like with a park and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Watlington for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you could request that they 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 speak to your conveyancing lawyer concerning this matter.
Am I right to be concerned that 3rd parties that I am dealing with are recommending a nationwide conveyancing firm rather than a local Watlington conveyancing company?
As is the case with many professional services, often input from connections can be extremely useful or valuable. Yet there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all suggest conveyancers to choose. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a financial incentive behind the recommendation. You have the right to choose your own conveyancer. However, bear in mind that some mortgage providers have an approved list of conveyancers you have to use for the lender related work in your conveyancing.
Can you offer any advice when it comes to finding a Watlington conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Watlington conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with two or three firms including non Watlington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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What volume of lease extensions has the firm carried out in Watlington in the last 12 months? How experienced is the practice with lease extension legislation?
Leasehold Conveyancing in Watlington - A selection of Questions you should ask before Purchasing
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Is there a share of the freehold? Please inform me if there are any major works on the horizon that will add a premium to the maintenance costs? How many of the leaseholders are in arrears for their service charge payments?
Is there a difference between surveying and conveyancing in Watlington?
Conveyancing - in Watlington or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are purchasing and will help you discover the condition of the building and, if there are problems, give you a powerful reason for negotiating the purchase price down or asking the vendor to remedy the defects prior to you complete your move.