Why do I have to pay up front when it comes to conveyancing in Banwell?

If you are buying a property in Banwell your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the purchase price then this should be required immediately in advance of exchange of contracts. The final balance that is due should be transferred a couple of days ahead of the day of completion.

Despite weeks of looking the Title Certificate and documents to our property are lost. The solicitors who conducted the conveyancing in Banwell 5 years ago no longer exist. Will I be able to sell the house?

Assuming you have a registered title the information relating to your proprietorship will be recorded by the Land Registry under a Title Number. It is easy to execute a search at the Land Registry, identify your house and secure up to date copies of the property title for a small fee. Where the property is Leasehold then the Land Registry will also normally retain a file duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.

How does conveyancing in Banwell differ for new build properties?

Most buyers of new build property in Banwell approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Banwell usually 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 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 Banwell or who has acted in the same development.

We're new on the property ladder - agreed a price, but the estate agent has warned us that the seller will only move forward if we appoint the agent's preferred solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Banwell

It is improbable the vendors are driving this. If they require ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Speak to the owners direct and make the point that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you are chain free (d) you intend to proceed fast (e)however you will continue to instruct your preferred Banwell conveyancing lawyers - as opposed tothose that will provide their estate agent a commission or meet his conveyancing figures demanded by HQ.

Do you have any top tips for leasehold conveyancing in Banwell from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Banwell can be avoided if you appoint lawyers as soon as your agents start marketing the property and ask them to put together the leasehold information which will be required by the buyers’ representatives.
You believe that you know the number of years left on your lease but you should verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 80 years. In the circumstances it is important at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You will have to accept that you will have to discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to present the dispute as over rather than unsettled. A minority of Banwell leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Banwell leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord consenting to such works. Where you dont have the paperwork to hand do not communicate with the landlord without contacting your solicitor before hand.

Banwell Leasehold Conveyancing - Sample of Queries Prior to buying

The majority of Banwell leasehold properties will be liable to pay a service charge for maintenance of the building set by the management company. If you buy the property you will have to meet this charge, usually in instalments accross the year. This can vary from a few hundred pounds to thousands of pounds for blocks with lifts and large communal grounds. There will also be a ground rent to be met yearly, this is usually not a exorbitant sum, say approximately £25-£75 but you need to check it because on occasion it can be many hundreds of pounds. If a Banwell lease has less than 80 years it will affect the value of the property. Check with your bank that they are happy with the length of the lease. Leases with fewer than 80 years remaining means that you will probably have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you will need to own the property for a couple of years in order to be legally able to carry out a lease extension. Make sure you discover if there is anything that is prohibited in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Banwell. If you love the propertyin Banwell but your cat is not allowed to live with you then you will be presented with a difficult choice.