Me and my partner are about to exchange buying a house in Porthleven but as a result of damage from a small fire at the property I have managed to agree recompense from the current proprietors in the sum of £2k by way of a reduction in the price. This was going to be addressed as part of a side agreement however Nationwide will not agree to this. Should they have been approached?
Your conveyancing practitioner being on a Nationwide conveyancing panel is duty bound to disclose to Nationwide of any amendments to the purchase price. If you prohibit your property lawyer to report the reduction to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new property lawyer for your conveyancing in Porthleven.
Forgive me if this question is silly but I am wet behind the ears as a first time buyer of a garden flat in Porthleven. Do I collect the keys to the premises on completion from my lawyer? If so, I will appoint a local conveyancing solicitor in Porthleven?
On the day of completion you do not need to go to the conveyancers office in Porthleven. Your solicitors will transfer the completion advance to the seller's lawyers, and once they have received this, you should be invited to receive the keys from the selling Agents and start moving into the property. Usually this happens between 1 and 3pm.
I am selling my house. I had a double glazing fitted in November 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Lloyds are being difficult. The Porthleven solicitor who is on the Lloyds conveyancing panel is recommending indemnity insurance as a solution but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?
It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Nottingham have agreed my home loan in principle, my bid on a property in Porthleven has been accepted, now what?
The property agent will wish to know who your solicitors are (make sure the conveyancing practitioners are on the lender’s panel). Telephone Nottingham or your broker and finalise any appropriate paperwork. Nottingham will appoint a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. Nottingham will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Porthleven.
It has been five months following my purchase conveyancing in Porthleven completed. I have checked the Land Registry website which shows that I paid £175,000 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 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 buying my first flat in Porthleven with a loan from HSBC Bank. The developers would not reduce the price so I negotiated 6k of extras instead. The property agent told me not reveal to my solicitor about the side-deal as it will put at risk my mortgage with HSBC Bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I am looking at a couple of apartments in Porthleven which have about fifty years remaining on the leases. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease gets shorter the marketability of the lease decreases and it becomes more expensive to acquire a lease extension. This is why it is often a good idea to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this field.
Leasehold Conveyancing in Porthleven - A selection of Queries Prior to Purchasing
Who is in charge of the block? Does the lease include onerous restrictions? How many of the leaseholders are in arrears for their service charge payments?