Why do I have to pay up front when it comes to conveyancing in Shepshed?
Where you are retaining lawyers for conveyancing in Shepshed your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is asked for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be needed immediately before contracts are exchanged. The closing balance that is needed should be sent to your lawyer a couple of days ahead of the day of completion.
The Shepshed conveyancing solicitors that I recently instructed on my purchase in Shepshed have without warning shut down. I chose them because I had to have a lawyer on the TSB conveyancing panel and my preferred Shepshed lawyer was not. I paid them money in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
I require fast conveyancing in Shepshed as I am faced with an ultimatum to exchange contracts inside one month. Fortunately I do not require a mortgage. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are not obtaining a home loan you have the choice not to do searches although no law firm would suggest that you don't. With lots of history conveyancing in Shepshed the following are instances of what can crop up and therefore affect the marketability of the property: Refused Planning Applications, Overdue Fees, Overdue Grants, Road Schemes,...
How does conveyancing in Shepshed differ for newly converted properties?
Most buyers of new build or newly converted property in Shepshed contact us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Shepshed usually acquire 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 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 accustomed to new build conveyancing in Shepshed or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Shepshed I like with a park and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Shepshed in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.