At what point does exchange of contracts occur in sale conveyancing in Okehampton and do I need to attend the conveyancers office?
If you are in close proximity to one of the conveyancing solicitors in Okehampton you are welcome to attend to sign documents. That being said, the firms we recommend offer a national conveyancing service and give just as detailed and professional a job for you when dealing with you by post or email. The signing of the contract is not the point of no return. A signed contract is just a prerequisite for the conveyancer to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Okehampton)to be in the office available at the end of the phone to exchange contracts.
We are selling our house in Okehampton and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know this is not the case. For the life of me I don't know why the buyers used a factory type conveyancing practice as opposed to a conveyancing solicitor in Okehampton. We have lived in Okehampton for many years we know of no issue. Do we get in touch with our local Authority to seek clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to enquire of 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 sickness)
How does conveyancing in Okehampton differ for new build properties?
Most buyers of new build property in Okehampton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Okehampton tend to 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 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 Okehampton or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Okehampton is the location of the property. What do you suggest?
Flying freeholds in Okehampton are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Okehampton you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Okehampton may ascertain 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 property.
Can you offer any advice when it comes to choosing a Okehampton conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a solicitor for lease extension works (regardless if they are a Okehampton conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with two or three firms including non Okehampton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:
How experienced is the firm with lease extension legislation? Can they put you in touch with clients in Okehampton who can give a testimonial?
I purchased a 1st floor flat in Okehampton, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Okehampton with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2093
With just 72 years unexpired the likely cost is going to be between £9,500 and £11,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.