Forgive me if this question is silly but I am unseasoned as FTB of a garden flat in Montpelier. Do I pick up the keys to the house on the completion date from my solicitor? If so, I will instruct a local conveyancing solicitor in Montpelier?
On the day of completion you do not need to attend the conveyancers office in Montpelier. Conveyancing lawyers for you will arrange to send the completion advance to the vendor’s lawyers, and once they have received this, you should be able to receive the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
I'm the only recipient of my late mum's will and I have everything in my name alone, including the my former home in Montpelier. Conveyancing formalities meant that the Land Registry date was in August. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my proprietorship could be considered the same way as if I'd bought the property in August. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Some banks would take a practical view as this provision is primarily there to identify the purchase and immediately sell or the wholesaling and assigning of properties.
is it true that all Montpelier solicitor firms on the Leeds Building Society conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel and in such a situation the organisation would be regulated by the CLC.
I have been told that property searches are a common cause of obstruction in Montpelier conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of delay in conveyancing in Montpelier.
How does conveyancing in Montpelier differ for newly converted properties?
Most buyers of new build property in Montpelier contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers 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 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 accustomed to new build conveyancing in Montpelier or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Montpelier is where the house is located. Can you shed any light on this issue?
Flying freeholds in Montpelier are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Montpelier you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Montpelier may determine 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 residence.
I have finally had an offer on an maisonette in Montpelier accepted, but there is a chain. The current proprietors have submitted an offer on somewhere, although it’s not yet tied up, and are looking at other properties booked. I have selected a local conveyancing solicitor in Montpelier. What should be my next step? When should I get the mortgage application with Virgin Money going with Virgin Money?
It is normal to have concerns where there is an associated chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then survey, Montpelier conveyancing search fees, etc). The first thing to do is ensure that your property lawyer is on the Virgin Money approved list. Concerning the subsequent phase this very much depends on the circumstances of your case, desire for the property and on the state of the market. During a rising market many home buyers will apply for the mortgage with Virgin Money and pay for the valuation and only if it was satisfactory would they ask their property lawyer to press on with searches.