My bid for a property was accepted at auction in Llanberis. Conveyancing is needed. What are my next steps?
Having exchanged you should find a conveyancing practitioner soon as you are facing a fast approaching deadline in which to complete the property. Every auction property should have a corresponding auction pack. This should include evidence of title and search results. If you have purchased leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You must pass this on to the lawyer working for you ASAP. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
How does conveyancing in Llanberis differ for new build properties?
Most buyers of new build or newly converted property in Llanberis come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because developers in Llanberis usually acquire the land, 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 Llanberis or who has acted in the same development.
I am looking for a ground for flat up to £305k and identified one close by in Llanberis I like with amenity areas and transport links nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Llanberis suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan that many years will be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.