Why is leasehold purchase conveyancing in Montpelier is more expensive?
In short, leasehold conveyancing in Montpelier and Bristol usually necessitates more work compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning the service of required notices, obtaining current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
What can a local search reveal about the property I am buying in Montpelier?
Montpelier conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance PSG The local search is essential in every Montpelier conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
How does conveyancing in Montpelier differ for new build properties?
Most buyers of new build or newly converted property in Montpelier contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Montpelier usually purchase the land, 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 accustomed to new build conveyancing in Montpelier or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Montpelier is the location of the property. Is there any advice you can impart?
Flying freeholds in Montpelier are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Montpelier you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Montpelier may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Should I stop my mortgage payments with Aldermore once a completion date for my sale in Montpelier has been agreed?
You would be well advised to continue paying any mortgage sums to Aldermore until the mortgage is repaid on completion as part of your Montpelier conveyancing.