Forgive me if this question is silly but I am wet behind the ears as a first time purchaser of a two bedroom flat in Kidwelly. Do I receive the keys to the house on completion from my lawyer? If so, I will use a local conveyancing solicitor in Kidwelly?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be invited to pick up the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.
We are getting a further advance on our home loan from UBS as we wish to carry out renovations to our home in Kidwelly. Do we need to choose a high street Kidwelly solicitor on the UBS conveyancing panel to handle the paperwork?
UBS would not normally instruct firms on their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS panel.
After what seems like an age I have had an offer on an apartment in Kidwelly accepted, but there is a chain. The sellers have placed an offer on on an apartment, but it’s not yet agreed to, and are looking at other properties booked. I have instructed a nearby conveyancing solicitor in Kidwelly. What do I do now? At what stage do I apply for the mortgage with Principality?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is approx one thousand pounds, then valuation, Kidwelly conveyancing search charges, etc). First, you should check that your lawyer is on the Principality approved list. As to the next phase this very much depends on the circumstances of your transaction, desire for the property and on the state of the market. In a rising market some home buyers will apply for a home loan with Principality and arrange for the valuation and only if it was satisfactory would they request their property lawyer to press on with the conveyancing in Kidwelly.
Various online forums that I have visited warn that are the primary cause of delay in Kidwelly house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Kidwelly.
How does conveyancing in Kidwelly differ for newly converted properties?
Most buyers of new build property in Kidwelly contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Kidwelly tend to acquire 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 Kidwelly or who has acted in the same development.
I opted to have a survey done on a property in Kidwelly before appointing lawyers. I have been advised that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. Should you wish to telephone us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Kidwelly. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I cancel the direct debit for my mortgage with UBS once a completion date for my sale in Kidwelly has been set?
No, you should maintain paying any mortgage sums to UBS until the mortgage is repaid out of the proceeds of sale as part of your Kidwelly conveyancing.