At what point will exchange of contracts happen for domestic conveyancing in Chepstow and do I need to attend the lawyers office?

Where you are in close proximity to our conveyancing solicitors in Chepstow you are welcome to attend to sign documents. However, the firms we work with offer countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when dealing with you by post or email. The signing of the contract is not when everything is set in stone. A signed contract is just a prerequisite for the solicitor to officially exchange at the suitable time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Chepstow)to be in the office at the appropriate time.

Should our lawyer be asking questions concerning flooding as part of the conveyancing in Chepstow.

Flooding is a growing risk for lawyers specialising in conveyancing in Chepstow. Plenty of people will buy a property in Chepstow, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.

Conveyancers are not qualified to impart advice on flood risk, but there are a numerous searches that may be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Chepstow. The standard property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to find out if the premises has ever been flooded. If flooding has previously occurred and is not revealed by the owner, then a buyer may issue a compensation claim as a result of such an misleading reply. The buyer’s lawyers should also conduct an environmental search. This will reveal if there is a recorded flood risk. If so, additional inquiries should be conducted.

It has been 2 months since my purchase conveyancing in Chepstow took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

How does conveyancing in Chepstow differ for new build properties?

Most buyers of new build residence in Chepstow approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Chepstow 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 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 Chepstow or who has acted in the same development.

I work for a reputable estate agent office in Chepstow where we have witnessed a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Chepstow conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension process 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 can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord 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.

Chepstow Leasehold Conveyancing - Examples of Queries before Purchasing

Are there any major works on the horizon that will add a premium to the service charges? Who manages the block? It is important to be aware whether redecorating or some other significant cost is anticipated that will be shared by the leasehold owners and may well dramatically impact the level of the maintenance costs or require a one time payment.