My friend advised me that where I am purchasing in Streatham I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is occasionally quoted for as part of the standard Streatham conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Streatham around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Streatham.
It has been 2 months since my purchase conveyancing in Streatham took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Streatham differ for newly converted properties?
Most buyers of new build premises in Streatham contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Streatham typically acquire 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 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 used to new build conveyancing in Streatham or who has acted in the same development.
I decided to have a survey done on a property in Streatham before instructing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor has said that some banks tend refuse to give a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Halifax. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Streatham. Conveyancing may be slightly more expensive based on your lender's requirements.
Is there a distinction between surveying and conveyancing in Streatham?
Conveyancing - in Streatham or elsewhere - is the legal term given to transferring legal title of property from one person to another. It involves the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are buying and will help you find out about the condition of the building and, if there are problems, give you leverage for negotiating the purchase price down or asking the vendor to remedy the problems prior to you move in.