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Recently asked questions about conveyancing in Failsworth

Finally the sale completed on my house in Failsworth last April but the buyer keeps Skype messaging every few hours to moan that his lawyer is waiting to hear from mysolicitor. What are the post completion sale formalities following completion?

After completion of your disposal your conveyancer should send the transfer documentation and all of the paperwork to the purchaser's lawyers. If applicable, your lawyer must also evidence that the legal charge in favour of the lender has been redeemed to the purchasers conveyancers. There are no post completion tasks unique to conveyancing in Failsworth.

How does conveyancing in Failsworth differ for newly converted properties?

Most buyers of new build residence in Failsworth approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because new home sellers in Failsworth typically 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 accustomed to new build conveyancing in Failsworth or who has acted in the same development.

I need to find a conveyancing solicitor for residential conveyancing in Failsworth. I've discover a site which looks to be the perfect answer If there is a chance to get all the legals completed via phone that would be ideal. Do I need to be concerned? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

Last May I purchased a leasehold property in Failsworth. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I own a 2 bed flat in Failsworth, conveyancing formalities finalised in 2001. Can you work out an approximate cost of a lease extension? Equivalent flats in Failsworth with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease finishes on 21st October 2070

With 51 years left to run we estimate the price of your lease extension to range between £30,400 and £35,200 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

We are midway through buying a property in Failsworth. Conveyancing solicitor has called to say the title is "Leasehold". Does this impact our Halifax valuation?

Failsworth conveyancing does not usually involve leasehold houses. The key consideration here is the remaining lease term and the ground rent. If it's 999 years with a peppercorn rent, it's essentially freehold, so it shouldn't impact the marketability too much.

At the other extreme, if it's, say, fifty five years it will have a adverse impact on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease to be supplied to your conveyancer.

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Find out more about how flying freehold can affect your the value of a property.