Completed the sale of my flat in Sparkhill last spec month but my buyer keeps texting daily complaining that their lawyer is waiting to hear from mine. What should have happened following completion?
Following your disposal your conveyancer should send the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your lawyer should also evidence that the home loan has been discharged to the buyers solicitors. There is unlikely to be post completion steps specific conveyancing in Sparkhill.
How does conveyancing in Sparkhill differ for new build properties?
Most buyers of new build premises in Sparkhill contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is built. This is because house builders in Sparkhill 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 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 Sparkhill or who has acted in the same development.
I am looking for a flat up to £235,500 and found one close by in Sparkhill I like with open areas and transport links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Sparkhill for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.