When does exchange of contracts occur in domestic conveyancing in Maesteg and do I need to be at the lawyers office?
If you are local to one of the conveyancing solicitors in Maesteg you are welcome to attend to sign contracts. However, the lender approved solicitors we recommend provide a countrywide conveyancing service and give as equally comprehensive and professional a job for you when communicating with you digitally. The signing of the sale agreement is not the point of no return. Signing on the dotted line simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Maesteg)to be in the office available at the end of the phone to exchange contracts.
My partner and I are planning on selling our home in Maesteg and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A high street Maesteg conveyancer would know that there is no such problem. For the life of me I don't know why the purchasers used an online conveyancing outfit as opposed to a conveyancing solicitor in Maesteg. Having lived in Maesteg for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification need.
It sounds as though you may have a conveyancing lawyer currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
How does conveyancing in Maesteg differ for new build properties?
Most buyers of new build premises in Maesteg approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because builders in Maesteg usually 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 property lawyers 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 Maesteg or who has acted in the same development.
I work for a reputable estate agency in Maesteg where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have been given inconsistent advice from local Maesteg conveyancing firms. Could you shed some light as to whether the vendor of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as 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 need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as 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 purchaser.
I bought a split level flat in Maesteg, conveyancing was carried out 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Maesteg with a long lease are worth £185,000. The ground rent is £65 per annum. The lease ceases on 21st October 2079
With 60 years unexpired we estimate the price of your lease extension to span between £20,000 and £23,000 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
How and when do I incur the Stamp Duty Land Tax payable for my Maesteg property purchase?
The majority of lawyers tend to fill out a stamp duty return for you during your Maesteg purchase transaction for signature. After completion your property lawyer will submit the Land Transaction application to the Tax Authorities and - assuming they have the money - pay any land tax liability on your behalf.