My bid for a property was accepted at auction in Watton. Conveyancing is required. What is next?

Having exchanged you now have to retain a conveyancing lawyer quickly as you will have a tight a drop dead date to complete the transaction. All auction property will ordinarily have a corresponding auction set of papers. This should include evidence of title and search results. In the case of leasehold property the auction papers should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to leasehold premises. You should give this to the solicitor instructed by you as soon as possible. You also need to ensure that your finances are organised to complete on the on the contractual date .

Forgive me if this question is silly but I am new to the process as a first time buyer of a garden flat in Watton. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will use a local conveyancing solicitor in Watton?

On the day of completion you do not need to attend the conveyancers office in Watton. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be called to collect the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.

I have instructed a Watton property lawyer having checked that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?

TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Watton postcode. As you are getting a mortgage with TSB, you could contact them to see if they have a list of approved surveyors in Watton.

I've recently found out that there is a flying freehold element on a house I have offered on last month in what was supposed to be a quick, chain free conveyancing. Watton is where the house is located. Can you shed any light on this issue?

Flying freeholds in Watton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Watton you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Watton may decide 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.

Am I better off to instruct a Watton conveyancing practitioner who is local to the property I am buying? We have a good friend who can conduct the legal work however his firm is located 300kilometers drive away.

The primary upside of using a high street Watton conveyancing firm is that you can drop in to execute paperwork, hand in your ID and pester them if necessary. Having local Watton know how is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and in the main were happy that must surpass using an unknown Watton conveyancing lawyer solely due to them being based in the area.

I have just appointed agents to market my garden apartment in Watton. Conveyancing solicitors are to be appointed soon, however I have recently received a yearly service charge invoice – Do I pay up?

It best that you discharge the invoice as normal because all ground rent and service charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.

I purchased a ground floor flat in Watton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Watton with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2091

With only 65 years remaining on your lease we estimate the premium for your lease extension to be between £13,300 and £15,400 plus professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

Our financial adviser has recommended their conveyancer for our conveyancing in Watton - won’t it be easier to just use them?

This is not necessarily the case and you are entitled to use whichever property lawyer of your choosing for your Watton home move. The lawyer put forward by a 3rd party adviser may not necessarily be the right conveyancer, they may put forward their own conveyancing firm who are based remotely. In this instance you may not have contact with your conveyancer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.