When does exchange of contracts occur in purchase conveyancing in Aldwych and am I required to be at the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Aldwych you are invited in to sign documents. However, the firms we work with supply a nationwide conveyancing service and give as equally comprehensive and professional a job for you when dealing with you by post or email. The executing of the property agreement is not the important part. Signing on the dotted line simply enables the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Aldwych)to be in the office available at the end of the phone to exchange contracts.
I am considering applying for a RBS mortgage for purchase of a newly converted (under development) in Aldwych with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for RBS ?
There is nothing to stop you using your solicitor, but RBS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
How does conveyancing in Aldwych differ for new build properties?
Most buyers of new build or newly converted property in Aldwych come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Aldwych usually purchase 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 Aldwych or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a straight forward, chain free conveyancing. Aldwych is the location of the property. Can you shed any light on this issue?
Flying freeholds in Aldwych are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aldwych you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aldwych may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I'm converting the mortgage on my current house to a buy to let mortgage with Halifax and I will use the ballance of the raised equity as a down payment on another house. The area we are interested in is Aldwych. Will your conveyancers be able to act for both sets of lenders and link together the transactions?
Do use our comparison tool on this site to check that the lawyers are approved by both lenders. Assuming that they are the solicitor will be able to connect the two deals but you should have a chat with you lawyer and communicate your desired outcome and requirements.