Me and my partner are purchasing a house in Lightwater. I might seem paranoid but how we can trust a solicitor? On completion day we have to send money into their account. What protection do we have from them run away with our money?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I have decided to exercise my right to buy my property in Lightwater off the council. I have a mortgage agreed with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
Completion of my purchase has taken place for my property in Lightwater. Conveyancing was satisfactory but I would like to complain about the lender. Who do I contact should I wish to lodge a complaint?
Almost all lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Department at head office. In most cases complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
Do I need to pay for insurance to protect me from financial exposure to chancel repairs when buying a house in Lightwater?
Unless a previous purchase of the property completed after 12 October 2013 you could assume that solicitors delivering conveyancing in Lightwater to remain recommending a chancel search and or chancel repair liability policy.
It has been five months following my purchase conveyancing in Lightwater completed. I have checked the Land Registry site 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 residence 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 Lightwater differ for new build properties?
Most buyers of new build residence in Lightwater come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Lightwater tend to purchase the site, 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 Lightwater or who has acted in the same development.
In relation to leasehold conveyancing in Lightwater what are the most common lease problems?
Leasehold conveyancing in Lightwater is not unique. Most leases are individual and legal mistakes in the legal wording can result in certain provisions are missing. The following missing provisions could result in a defective lease:
Insurance obligations A provision to repair to or maintain parts of the property
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Nottingham Building Society all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.
Leasehold Conveyancing in Lightwater - Examples of Queries Prior to buying
Its a good idea to find out as much as you can about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the cleanliness of the common parts. Ask prospective neighbours what they think of their service. On a final note, find out the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending that money. Are any of leasehold owners in dispute over their service charge liability? Please inform me if there are any major works in the planning that will likely increase the maintenance costs?