When does exchange of contracts happen for residential conveyancing in Moorgate and do I need to attend the conveyancers branch?
If you are in close proximity to our conveyancing solicitors in Moorgate you are welcome to attend to sign contracts. However, the firms we recommend offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when dealing with you electronically. The signing of the contract is not the critical part. A signed contract is necessary for the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Moorgate)to be in the office at the appropriate time.
How does conveyancing in Moorgate differ for new build properties?
Most buyers of new build or newly converted property in Moorgate contact us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Moorgate 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 conveyancers 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 Moorgate or who has acted in the same development.
I am looking into buying my first house which is in Moorgate and I am already nervous. I couldn't find anything specific about Moorgate. Conveyancing will be needed in due course but do you know about the Moorgate area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Moorgate. In the meantime here are some basic statistics that we found
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have just found out that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Moorgate. Conveyancing solicitors have not yet been appointed. Will they explain the issues?
Most houses in Moorgate are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Moorgate so you should seriously consider shopping around for a Moorgate conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is part of an estate. Your solicitor will appraise you on the various issues.
After months of dialogue we are unable to agree with our landlord on how much the lease extension should cost for our flat in Moorgate. Can we issue an application to the Residential Property Tribunal Service?
Where there is a absentee freeholder or where there is dispute about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the LVT to determine the premium.
An example of a Lease Extension decision for a Moorgate flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.
I am just shy of a 10% deposit on my flat purchase in Moorgate , but I am keen proceed. Do I have options?
One option is to try and accept a lesser deposit. Many sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute