I have been told that property searches are a common cause of hinderance in Syston conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Syston.
How does conveyancing in Syston differ for new build properties?
Most buyers of new build residence in Syston contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Syston tend to buy the real estate, 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 Syston or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Syston I like with a park and railway links in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Syston suitable, so just wondered if I would be making a mistake purchasing a short lease?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years 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.