We are nearing an exchange on a property in Lyddington and my mum and dad have sent the ten percent deposit to my conveyancer. I am now informed that as the deposit has not come from me my conveyancer needs to make a notification to my bank. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I informed the mortgage company about my parents' contribution when I applied for the home loan, so is it really necessary for this now to hold matters up?
Your property lawyer is legally required to check with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
Finally the sale completed on my house in Lyddington last November yet the purchaser is SMS messaging daily complaining that his conveyancer is waiting to hear from mine. What should have happened now that I have sold?
Following your house sale your conveyancer should send the transfer documentation and all additional paperwork to the buyer’s solicitors. If applicable, your conveyancer should also evidence that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There is unlikely to be post completion formalities just for conveyancing in Lyddington.
It has been 4 months following my purchase conveyancing in Lyddington concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 property 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 Lyddington differ for newly converted properties?
Most buyers of new build residence in Lyddington contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Lyddington tend to acquire 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 property lawyers 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 Lyddington or who has acted in the same development.
Can you provide any advice for leasehold conveyancing in Lyddington from the point of view of expediting the sale process?
- Much of the delay in leasehold conveyancing in Lyddington can be avoided if you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information needed by the purchasers’ representatives. If you hold a share in a the Management Company, you should ensure that you have the original share document. Arranging a replacement share certificate can be a lengthy formality and frustrates many a Lyddington conveyancing transaction. Where a duplicate share certificate is necessary, you should approach the company director and secretary or managing agents (if applicable) for this as soon as possible. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Lyddington state that internal structural alterations or installing wooden flooring calls for a licence issued by the Landlord approving such changes. Where you fail to have the approvals to hand you should not communicate with the landlord without checking with your solicitor in the first instance. Some Lyddington leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors.
Leasehold Conveyancing in Lyddington - A selection of Questions you should consider before buying
Who are the managing agents? Where a Lyddington lease has fewer than 80 years it will have adverse implications on the salability of the apartment. It is worth checking with your lender that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you will be be obliged to have owned the residence for two years before you are legally able to carry out a lease extension.