I have given 8 weeks notice to my existing landlord and must leave my let out property in Castle Bromwich by 4/2/2019. Conveyancing on my purchase is progressing. How realistic is it to complete in 4 weeks as I wish to avoid having to move into short term accommodation?
It is unwise to serve notice on a rental unless exchange of contracts has taken place. Assuming that you have not already done so, update to your conveyancer and request that they apply pressure on the sellers side, try to an agreed time frame that everyone will work to achieve
My property lawyer in Castle Bromwich is not on the Nottingham Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are excluded from the Nottingham Building Society panel?
Your options are as follows:
- Carry on with your preferred Castle Bromwich lawyers but Nottingham Building Society will need to use a solicitor on their panel. This will inevitably rack up the total legal fees and result in frustration.
- Choose a new practitioner to act in the conveyancing, remembering to check they are Convince your conveyancer to do everything within their powers to join the Nottingham Building Society conveyancing panel
How does conveyancing in Castle Bromwich differ for new build properties?
Most buyers of new build or newly converted property in Castle Bromwich come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is constructed. This is because builders in Castle Bromwich tend to buy 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 used to new build conveyancing in Castle Bromwich or who has acted in the same development.
I am looking for a ground for flat up to £235,500 and found one near me in Castle Bromwich I like with a park and station in the vicinity, however it only has 52 remaining years left on the lease. I can't really find anything else in Castle Bromwich in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
We have been informed by numerous friends to expect 6-8 weeks for Castle Bromwich conveyancing to complete.This was 3 ago. The property information was only received to my solicitor yesterday so now does it countdown?
You need to be pragmatic concerning timing. Property transactions in Castle Bromwich takes on average about ten weeks. This timeframe is not because conveyancing practitioner are slow and purposely delay matters. The amount of money involved in purchasing any property is so high, the purchaser's lawyer having to raise a wide range of enquiries, searches and further checks to protect the purchaser and their lender (if there is to be a mortgage) from expensive, avoidable problems. Conveyancing in Castle Bromwich involves getting information from various third parties, for example other lawyer, local councils, private companies, lenders. Some of these are efficient. Plenty aren't. And remember, no matter how quickly your conveyancer do their part, if the people you are buying from or are selling to aren't ready, nothing can move forward until they are.