The housing market in Adamsdown is hotting up. What can I do to speed up matters?

Where you are under pressure to exchange it is highly recommended that your conveyancer is familiar with the area as they will make use of local relationships and know-how. It is possible that they may have transacted otherhomes in the same street. You would be best advised to use a Adamsdown conveyancing lawyer. In addition, ensure that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Adamsdown conveyancing deals are suspended or derailed after discovering a purchaser’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the transaction being frustrated by almost 21 days. It is said that this issue impacts in the region of 100,000 home sales annually. Most Adamsdown conveyancing practices can not represent certain mortgage companies so do check as early as possible.

Why do I have to pay up front for my conveyancing in Adamsdown?

Where you are retaining lawyers for conveyancing in Adamsdown your solicitor will ask you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the Local Authority Search. When the deposit is as part of the sale price then this will be needed immediately before exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.

How does conveyancing in Adamsdown differ for new build properties?

Most buyers of new build property in Adamsdown contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Adamsdown tend to 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 Adamsdown or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a quick, chain free conveyancing. Adamsdown is the location of the property. Is there any guidance you can give?

Flying freeholds in Adamsdown are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Adamsdown you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Adamsdown 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 residence.

I pay a maintenance contribution for my property in Adamsdown. As a result of poor financial planning I fell behind with payments. I negotiated a clearance schedule but there is still two outstanding as of today.

I want to dispose of the property and I am panicking this may hold me back if I have to settle the arrears now. I'd like to sell up and then repay the debt from the proceeds - is this viable?

Your lawyer should be able to negotiate with the appropriate parties, and agree with them whether or not they would accept settlement from completion monies. This is an example of why it might be good to select a solicitor in Adamsdown as they are likely to enjoy an established relationship with the management company.