This question may be naive but I am wet behind the ears as a 1st time purchaser of a two bedroom flat in Machen.Do I collect the keys to the premises on the completion date from my conveyancer? If so, I will instruct a local conveyancing solicitor in Machen?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and once they have received this, you should be able to pick up the keys from the property Agents and start moving into the property. Usually this occurs early afternoon.
How does conveyancing in Machen differ for newly converted properties?
Most buyers of new build property in Machen contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because developers in Machen 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 conveyancers 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 Machen or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Machen is the location of the property. What do you suggest?
Flying freeholds in Machen are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Machen you would need to get your solicitor to go 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 Machen may determine 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.