I have given 2 months notice to my current landlord and must be out of my let out flat in Bankside by . Conveyancing on my purchase is underway. Is it possible to complete in three weeks as I wish to avoid having to move into temporary accommodation?
The normal practice is not to give notice on a rental unless you have exchanged. Assuming that you have not previously done so, contact to your lawyer and request that they chase the sellers lawyers, try to an acceptable time-line that all parties will look towards
Can you explain why leasehold purchase conveyancing in Bankside is more expensive?
The conveyancing costs on a leasehold property in Bankside is frequently higher as compared to a freehold transaction. This is because there is an amount of additional investigations necessary in liaising with the freeholder and managing agents to obtain evidence concerning whether the rent and maintenance charges have been cleared and whether there are any major works due in the near future on repairs or maintenance of the building.
How does conveyancing in Bankside differ for newly converted properties?
Most buyers of new build property in Bankside contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in Bankside tend to acquire the site, 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 Bankside or who has acted in the same development.
I opted to have a survey done on a property in Bankside before instructing conveyancers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some banks will refuse to issue a loan on a flying freehold premises.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bankside. Conveyancing will be smoother if you use a solicitor in Bankside especially if they regularly deal with such properties in Bankside.
Should I be suspicious by 3rd parties that I am dealing with are suggesting a factory type conveyancing firm rather than a High Street Bankside conveyancing firm?
As with many service providers, often input from family and friends can be very helpful. Yet there are lots of players in a conveyancing transaction; estate agents, financial adviser and banks might all recommend conveyancers to appoint. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your own conveyancer. However, bear in mind that most banks operate an approved list of conveyancers you must use for the mortgage aspect of your conveyancing.