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Recently asked questions about conveyancing in Ulverston

In the event thatI was to acquire a simple residential homein Ulverston for cash and have no survey and no conveyancing searches how much should I expect to to save on my conveyancing in Ulverston?

The only saving you would achieve is the Ulverston conveyancing searches. Your lawyer still got to do everything else - money laundering, liaising with your sellers solicitor, stamp duty return, register the title etc. You might save a bit for them not having to register a mortgage however it will not be meaningful.

I own a freehold residence in Ulverston but still invoiced for rent, why is this and what is this?

It is rare for properties in Ulverston and has limited impact for conveyancing in Ulverston but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

It has been five months following my purchase conveyancing in Ulverston concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 asset 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 Ulverston differ for newly converted properties?

Most buyers of new build premises in Ulverston approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is built. This is because developers in Ulverston typically purchase 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 accustomed to new build conveyancing in Ulverston or who has acted in the same development.

Due to the encouragement of my in-laws I had a survey completed on a house in Ulverston ahead of instructing lawyers. I have been advised that there is a flying freehold overhang to the house. My surveyor advised that some mortgage companies will not give a loan on such a house.

It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. If you call us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ulverston. Conveyancing may be slightly more expensive based on your lender's requirements.

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Find out more about how flying freehold can affect your the value of a property.