How does conveyancing in Deddington differ for newly converted properties?
Most buyers of new build premises in Deddington contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Deddington tend to purchase the site, 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 conveyancing solicitors 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 Deddington or who has acted in the same development.
I have been on the look out for a flat up to £305k and identified one close by in Deddington I like with a park and transport links in the vicinity, however it only has 52 years unexpired on the lease. There is not much else in Deddington in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
I need to find a conveyancing solicitor for leasehold conveyancing in Deddington. I have land on a site which appears to be the ideal solution If it is possible to get all formalities completed via email that would be preferable. Should I be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?