At what point will exchange of contracts happen for residential conveyancing in Arthog and do I need to attend the conveyancers branch?

If you are round the corner to our conveyancing solicitors in Arthog you are invited in to sign contracts. That being said, the firms we work with supply countrywide coverage for conveyancing and give just as detailed and professional a job for you when dealing with you electronically. The executing of the property agreement is not the critical part. Signing on the dotted line is just a prerequisite for the firm to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Arthog)to be in the office available at the end of the phone to exchange contracts.

We are buying a flat in Arthog. I might seem paranoid but how we can trust a solicitor? On completion day we have to put funds into their account. What protection do we have from them run away with our deposit?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

Forgive me if this question is silly but I am unexperienced as a first time buyer of a garden flat in Arthog. Do I receive the keys to the house on completion from my conveyancer? If so, I will appoint a High Street conveyancing solicitor in Arthog?

On the day of completion you do not need to go to the conveyancers office in Arthog. Your solicitors will transfer the purchase money to the owner’s lawyers, and once they have received this, you will be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.

I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Arthog bank branch on numerous occasions and was informed it wasn't a problem and they would lend. My Arthog conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?

As long as the conveyancer is on the mortgage company panel, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

The estate agent has sent us the confirmation of our purchase of a new build apartment in Arthog. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Arthog

The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants.

Due to the advice of my in-laws I had a survey completed on a house in Arthog in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold premises.

It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Arthog. Conveyancing may be slightly more expensive based on your lender's requirements.

I work for a busy estate agent office in Arthog where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Arthog conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I acquired a garden flat in Arthog, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Corresponding properties in Arthog with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2087

You have 62 years unexpired the likely cost is going to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.