At what point can the exchange of contracts take place for sale conveyancing in Flintshire and am I required to attend the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Flintshire you are invited in to sign the paperwork. That being said, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when communicating with you by post or email. The executing of the contract is not the critical part. A signed contract simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Flintshire)to be in the office at the appropriate time.
I own a 4 bedroom Victorian property in Flintshire. Conveyancing lawyer acted for me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Flintshire and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing solicitor who conducted the conveyancing.
How does conveyancing in Flintshire differ for new build properties?
Most buyers of new build premises in Flintshire contact us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because developers in Flintshire typically purchase 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 conveyancing solicitors 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 Flintshire or who has acted in the same development.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Flintshire I like with amenity areas and station in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Flintshire for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
What advice can you give us when it comes to choosing a Flintshire conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a Flintshire conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We recommend that you talk with two or three firms including non Flintshire conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
How many lease extensions have they completed in Flintshire in the last year? If they are not ALEP accredited then why not?
I invested in buying a studio flat in Flintshire, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Flintshire with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 per annum. The lease expires on 21st October 2076
With only 58 years remaining on your lease we estimate the premium for your lease extension to range between £22,800 and £26,400 as well as professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional 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 before getting professional advice.