Why do I have to pay up front for my conveyancing in Old Town?
Where you are retaining lawyers for conveyancing in Old Town your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this will be required shortly before contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
I am planning to acquire a property and need a conveyancing solicitor in Old Town who is on the Nationwide Building Society conveyancing. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Old Town. We dont recommend any particular firm.
Should my conveyancer be making enquiries regarding flooding during the conveyancing in Old Town.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Old Town. There are those who buy a house in Old Town, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, but there are a numerous checks that may be initiated by the buyer or by their conveyancers which will give them a better understanding of the risks in Old Town. The standard completed inquiry forms given to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the owner to discover if the premises has suffered from flooding. If flooding has previously occurred and is not disclosed by the seller, then a buyer may bring a claim for damages resulting from an misleading answer. The buyer’s lawyers should also commission an environmental search. This will higlight if there is a recorded flood risk. If so, additional inquiries will need to be made.
2 months have elapsed since my purchase conveyancing in Old Town concluded. I have checked the Land Registry website which shows that I paid £150,000 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 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 Old Town differ for new build properties?
Most buyers of new build property in Old Town contact us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Old Town typically 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 Old Town or who has acted in the same development.