When does exchange of contracts take place for purchase conveyancing in Arundel and do I need to attend the conveyancers branch?

Where you are local to one of the conveyancing solicitors in Arundel you are welcome to come in to sign contracts. That being said, the lender approved solicitors we recommend provide countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not the point of no return. A signed contract simply enables the conveyancer to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Arundel)to be in the office available at the end of the phone to exchange contracts.

three months have gone by since my purchase conveyancing in Arundel took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

How does conveyancing in Arundel differ for newly converted properties?

Most buyers of new build or newly converted property in Arundel come to us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because house builders in Arundel 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 property lawyers 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 used to new build conveyancing in Arundel or who has acted in the same development.

Are there frequently found defects that you come across in leases for Arundel properties?

There is nothing unique about leasehold conveyancing in Arundel. Most leases are drafted differently and drafting errors can result in certain sections are missing. For example, if your lease is missing any of the following, it could be defective:

Maintenance charge proportions which don’t add up to the correct percentage

A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Mortgage Works, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

Arundel Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying

Are any of leasehold owners in arrears of their service charge liability? Most Arundel leasehold properties will have a service bill for maintenance of the building set by the landlord. Where you buy the flat you will have to pay this amount, usually in instalments throughout the year. This can vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all likelihood there will be a rentcharge to be met annual, normally this is not a large figure, say around £50-£100 but you should to enquire as sometimes it can be surprisingly expensive. The prefered form of lease arrangement is where the freehold interest is in the ownership of the leaseholders. In this arrangement the lessees benefit from being in charge if their destiny and although a managing agent is usually employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves.

My step-son is about to join the property ladder, the home loan was agreed last week in principle. One the offer was accepted on flat we contacted the bank to issue the formal offer. I was very surprised to discover that banks do not accept all lawyer, they have to be on a list, is this right?

Mortgage Companies normally restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Arundel property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.