When can the exchange of contracts happen for residential conveyancing in Sheringham and am I required to be at the lawyers office?

Where you are round the corner to our conveyancing solicitors in Sheringham you are invited in to sign contracts. However, the lender approved solicitors we work with supply a nationwide conveyancing service and provide just as diligent and professional a job for you when dealing with you digitally. The executing of the purchase agreement is not the point of no return. Signing on the dotted line simply enables the firm to exchange contracts 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 a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Sheringham)to be in the office available at the end of the phone to exchange contracts.

We are downsizing from our house in Sheringham and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing outfit as opposed to a conveyancing solicitor in Sheringham. Having lived in Sheringham for 4 years we know of no issue. Do we contact our local Authority to seek confirmation that there is no issue.

It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You need to check with 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 life insurance to cover that same ailment)

I am buying a new build apartment in Sheringham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Here are examples of a selection of leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Sheringham

Please confirm the Lease plans are architect prepared. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.

I am employed by a busy estate agency in Sheringham where we see a few flat sales jeopardised due to short leases. I have received contradictory information from local Sheringham conveyancing solicitors. Could you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Leasehold Conveyancing in Sheringham - Examples of Queries Prior to buying

The best form of lease structure is a share of the freehold. In this scenario the tenants benefit from control and even though a managing agent is often retained where it is bigger than a house conversion, the managing agent is directed by the tenants. Please note if it is less than eighty years it will impact the value of the property. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have owned the premises for a couple of years in order to be entitled to extend the lease. How many years are left on the lease?

Our solicitor in Sheringham has identified a defect with the lease for the property we are buying in Sheringham. The other side have offered title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the mortgage company?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the mortgage company approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.