My wife and I are in the throws of looking at houses in Crediton and I am about to put in an offer. Should I already have a lawyer in place at this stage? I intend to finance via a mortgage with Nottingham.
It would be prudent to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are getting a mortgage with Nottingham, make sure you remember to check that your lawyer is on the Nottingham conveyancing panel.
I have paid off my mortgage with UBS. I assume I don't need a Crediton conveyancer on the UBS panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your UBS 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 UBS mortgage from the register. UBS, 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 UBS has sent the Land Registry the discharge electronically, and
- UBS has instructed the Land Registry to do so
I have finally had an offer on a maisonette in Crediton accepted, but there is a chain. The sellers have placed an offer on a flat, but it’s not been accepted yet, and are looking at other apartments booked. I have instructed a nearby conveyancing solicitor in Crediton. What should be my next step? When do I get the mortgage application with Co-operative started?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is approx one thousand pounds, then valuation, Crediton conveyancing search fees, etc). First, you should ensure that your property lawyer is on the Co-operative approved list. Regarding the subsequent steps this very much depends on the uniqueness of your case, attraction to the property and on the state of the market. During a buoyant market the majority of home buyers would apply for a home loan with Co-operative and pay for the valuation and only if it was satisfactory would they ask their lawyer to move forward with searches.
2 months have gone by following my purchase conveyancing in Crediton 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 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.
I am purchasing a new build house in Crediton with a mortgage from Norwich and Peterborough Building Society. The developers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my lawyer about this deal as it will impact my loan with Norwich and Peterborough Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I work for a long established estate agency in Crediton where we have witnessed a few flat sales jeopardised as a result of leases having less than 80 years remaining. I have received conflicting advice from local Crediton conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Crediton - Examples of Questions you should ask before buying
Who is in charge of the building? Does the lease have in excess of 85 years left? The best form of lease arrangement is where the freehold title is in the ownership of the leaseholders. In this scenario the lessees enjoy control and although a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
I am looking to buy a house and require a conveyancing solicitor in Crediton who is on the mortgage company approved panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the lender who do conveyancing in Crediton. We dont recommend any particular solicitor.