What happens if my lawyer’s firm is expelled from the Nottingham Solicitor panel ahead of completing my conveyancing in Padstow?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
It has been 2 months following my purchase conveyancing in Padstow concluded. I have checked the Land Registry site which shows that I paid £200,000 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 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'm purchasing a new build house in Padstow with a mortgage from Godiva Mortgages Ltd. The developers refused to budge the price so I negotiated £7000 of additionals instead. The property agent told me not disclose to my conveyancer about the extras as it would adversely affect my mortgage with the bank. Is this normal?.
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.
Due to the advice of my in-laws I had a survey completed on a house in Padstow before instructing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor has said that some mortgage companies tend refuse to grant a mortgage on such a home.
It varies from the lender to lender. Bank of Scotland has different instructions from Nationwide. If you e-mail us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Padstow. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Padstow to see if the conveyancing costs will increase in light of this.
Last March I purchased a leasehold house in Padstow. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Padstow Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
How many years remain on the lease? It would be sensible to enquire if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in in a block in Padstow. If you like the apartmentin Padstow but your dog can’t move with you then you will be presented with a hard choice. The prefered form of lease structure is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and although a managing agent is frequently retained where it is bigger than a house conversion, the managing agent employed by the leaseholders.