3 months have elapsed following my purchase conveyancing in Glan Conwy took place. I have checked the Land Registry website which shows that I paid £175,000 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.
I am purchasing a new build house in Glan Conwy with a loan from Lloyds TSB Bank. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my lawyer about this side-deal as it will affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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 have been on the look out for a flat up to £305k and identified one near me in Glan Conwy I like with open areas and station in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Glan Conwy in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to start the process of the extension 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 consult your conveyancing lawyer regarding this.
Is it simple use the search facility to locate a conveyancing practitioner in Glan Conwy on the approved list for my lender?
Step one is to pick a bank such as Halifax, The Mortgage Works or Alliance & Leicester then type in your location a common one being Glan Conwy. Conveyancing firms in Glan Conwy and beyond should be listed.
My partner and I hope to purchase our 1st home in Glan Conwy. Conveyancing solicitor already selected. The broker advised that a survey is not appropriate as the house was only built in 2001.
At the very least you should order a Home Buyer's Report. As the premises is more than ten years old the property will not come with a warranty, so you would be well advised not to take a risk. For a property that age with no signs of problems a Home Buyer's report could be enough. They will highlight any obvious issues and recommend further investigation where appropriate. Where there are any indications of problems seek a full structural survey.