We're in Wimborne Minster, First timers buying with a mortgage (lender is Principality , and our lawyer is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
How does conveyancing in Wimborne Minster differ for newly converted properties?
Most buyers of new build or newly converted property in Wimborne Minster come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Wimborne Minster typically buy 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 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 Wimborne Minster or who has acted in the same development.
I opted to have a survey done on a house in Wimborne Minster prior to appointing solicitors. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Wimborne Minster. Conveyancing may be slightly more expensive based on your lender's requirements.
I am thinking of appointing a conveyancing solicitor in Wimborne Minster for my home move. Is there any facility to check a solicitor's record with the legal regulator?
One can search for documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions commenced on or after 1 January 2008. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator could recorded telephone calls for training reasons.
We own a leasehold flat in Wimborne Minster. Conveyancing was completed in 2009. I have been told that I mustn’t let the the remaining lease term to fall too low. Is this correct?
Wimborne Minster residential long term leases are for a prescribed period - often just under one hundred years when they started. However a significant flats in Wimborne Minster were built or converted in the 70’s80’s and so these leases now have less than eighty years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions tend to need leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching seventy five years. To increase the marketability of your property you should be considering whether to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease hits 80 years as when the lease is below eighty years the amount to be paid to extend starts to escalate.