I am under pressure from the owner of a property in Spennymoor to sign contracts within four weeks. What can I do to accelerate the legal process?
In a situation where the seller is applying time constraints to exchange it is highly recommended that your conveyancer is familiar with the area as they will benefit local contacts and know-how. It is even conceivable that they could have transacted previoushouses in the same neighbourhood. Therefore consider using a Spennymoor conveyancing lawyer. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is said that 18% of Spennymoor conveyancing deals are held up or derailed after finding out that a purchaser’s solicitor was not on their mortgage lender’s list of approved solicitors. This can often result in the legal process being delayed by an average of 21 days. It is believed that this issue affects approximately 100,000 home moves every year. Many Spennymoor conveyancing practices can not act for certain mortgage companies so do check as early as possible.
In what way does my ID and proof of funds have anything to do with my conveyancing in Spennymoor? Is this really warranted?
Spennymoor conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to check the ID of any client with a view to ensure that clients are who they say they are.
Conveyancing clients will need to supply two forms of certified identification; proof of identity (usually a Passport or Driving Licence) and evidence of address (usually a Bank Statement no older than three months).
Confirmation of the origin of funds is also required in accordance with the money laundering statutes as conveyancers are duty bound to investigate that the money you are using to acquire a property (be it the exchange deposit or the full purchase amount if you are buying mortgage free) has originated from a reputable source (such as an inheritance) and is not the proceeds of criminal behaviour.
It has been four months following my purchase conveyancing in Spennymoor 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 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 Spennymoor differ for newly converted properties?
Most buyers of new build or newly converted property in Spennymoor contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because new home sellers in Spennymoor tend to buy the land, 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 Spennymoor or who has acted in the same development.
I've found a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Spennymoor. Conveyancing advisers have not yet been instructed. Will my lawyers set out the risks of buying a leasehold house in Spennymoor ?
Most houses in Spennymoor are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. It is clear that you are buying in Spennymoor so you should seriously consider looking for a Spennymoor conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. Being a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example obtaining the landlord’sconsent to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the communal areas where the house is located on an estate. Your lawyer will appraise you on the various issues.
I own a 2 bed flat in Spennymoor, conveyancing formalities finalised June 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Spennymoor with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2076
You have 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.