When can the exchange of contracts happen for purchase conveyancing in Radstock and am I required to attend the solicitors office?

Where you are in close proximity to one of the conveyancing solicitors in Radstock you are invited in to sign contracts. That being said, the firms we recommend offer countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you digitally. The signing of the contract is not when everything is set in stone. Signing on the dotted line simply enables the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process 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 Radstock)to be in the office available at the end of the phone to exchange contracts.

Should my solicitor be asking questions about flooding as part of the conveyancing in Radstock.

The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Radstock. There are those who purchase a property in Radstock, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Solicitors are not best placed to offer advice on flood risk, however there are a various checks that may be carried out by the buyer or on a buyer’s behalf which can figure out the risks in Radstock. The standard completed inquiry forms sent to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to find out if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the owner, then a purchaser could commence a legal claim for losses as a result of such an incorrect reply. A purchaser’s lawyers may also commission an environmental report. This should indicate whether there is any known flood risk. If so, further inquiries should be carried out.

The estate agent has sent us the confirmation of our purchase of a new build flat in Radstock. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Radstock

Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared.

I am on look out for some leasehold conveyancing in Radstock. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is registered - and almost all are in Radstock - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Leasehold Conveyancing in Radstock - Sample of Questions you should consider Prior to Purchasing

Please tell me if there are any major works in the planning that will add a premium to the maintenance fees? If a Radstock lease has no more than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will probably require a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be be obliged to have owned the residence for 24 months in order to be eligible to extend the lease. Make sure you discover if the the lease includes any unreasonable restrictions in the lease. For example some leases prohibit pets being permitted in certain buildings in Radstock. If you like the propertyin Radstock but your dog can’t live with you then you will be faced difficult compromise.

We own a leasehold flat in Radstock. Conveyancing was completed in last year. I have heard that I mustn’t allow the the remaining lease term to fall too low. What is the reasoning?

Radstock residential long term leases are for a set period - normally ninety nine years when they are first granted. However many flats in Radstock were constructed or converted in the 70’s80’s and so such leases now have under eighty years remaining. That may seem like a long time but Banks, Building Societies and other mortgage companies generally need leases to have a minimum of seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To increase the marketability of your property you should be considering whether to extend your lease well in advance of selling the property. You should note that there are significant benefits to doing so before the lease hits 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to escalate.