My husband and I are purchasing a newly constructed apartment in Langland and my solicitor is advising me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
3 months have gone by following my purchase conveyancing in Langland took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
I have been on the look out for a leasehold apartment up to £195,000 and identified one near me in Langland I like with a park and transport links in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Langland in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
How simple is it to use the search facility to locate a conveyancing lawyer in Langland on the authorised to act for my bank?
Step one is to select a lender such as National Westminster Bank, Coventry Building Society or Bank of Ireland then specify your preferred area for instance Langland. Conveyancing organisations in Langland and beyond should be listed.
I need to instruct a conveyancing solicitor for leasehold conveyancing in Langland. I happened to stumble across a web site which seems to have the ideal offering If there is a chance to get all the legals completed via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?