Have just purchased a repossessed house at auction in Marchington. Conveyancing is necessary. What are my next steps?
Having for all intents and purposes signed on the dotted line you will need to instruct a conveyancing solicitor soon as you are faced with a tight deadline in which to complete the conveyancing. An auction property will ordinarily have a bespoke auction set of papers. This will likely include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the conveyancing pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to leasehold premises. You need to give this to the solicitor instructed by you at the earliest opportunity. Do make sure that that you have the requisite funding in place to complete on the on the contractual date .
How does conveyancing in Marchington differ for new build properties?
Most buyers of new build residence in Marchington contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because builders in Marchington tend to 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 accustomed to new build conveyancing in Marchington or who has acted in the same development.
I decided to have a survey done on a house in Marchington prior to retaining conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders will refuse to give a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Marchington. Conveyancing may be slightly more expensive based on your lender's requirements.