We were going to get a AIP from Kent Reliance this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Woodford Green solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Woodford Green solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I have paid off my mortgage with Virgin Money. I assume I don't need a Woodford Green solicitor on the Virgin Money panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Virgin Money mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Virgin Money mortgage from the register. Virgin Money, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Coventry BS have agreed my mortgage in principle, my offer on a property in Woodford Green has been agreed to, now what?
The property agent will need to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s approved list). Call up Coventry BS or the financial adviser and finalise any appropriate paperwork. Coventry BS will instruct a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Coventry BS will send the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Woodford Green.
four months have elapsed since my purchase conveyancing in Woodford Green completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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 Woodford Green differ for new build properties?
Most buyers of new build premises in Woodford Green approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Woodford Green typically 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 conveyancing solicitors 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 Woodford Green or who has acted in the same development.
I decided to have a survey completed on a property in Woodford Green ahead of appointing solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to give a loan on such a house.
It varies from the lender to lender. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Woodford Green. Conveyancing may be slightly more expensive based on your lender's requirements.
What are your top tips when it comes to choosing a Woodford Green conveyancing practice to carry out our lease extension conveyancing?
When appointing a property lawyer for your lease extension (regardless if they are a Woodford Green conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with two or three firms including non Woodford Green conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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What are the costs for lease extension work? How experienced is the practice with lease extension legislation?
We have reached the end of our tether in seeking a lease extension in Woodford Green. Can the Leasehold Valuation Tribunal adjudicate on premiums?
Where there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the LVT to calculate the price.
An example of a Freehold Enfranchisement matter before the tribunal for a Woodford Green premises is 201 & 201a St. Barnabas Road in October 2013. The Tribunal decided that the price to be paid by the Applicants for the freehold interest is £20,071. This case related to 2 flats. The unexpired residue of the current lease was 69.26 years.