Should lawyers ask for an advanced payment for conveyancing in Wolstanton?

If you are buying a property in Wolstanton your solicitor will request that you put them with funds to cover the search fees. Generally this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this should be required immediately ahead of exchange of contracts. The final balance that is due will be payable shortly before completion.

This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Wolstanton. Do I receive the keys to the premises on completion from my solicitor? If this is the case, I will appoint a High Street conveyancing solicitor in Wolstanton?

On the day of completion you do not need to go to the conveyancers office in Wolstanton. Your solicitors will electronically transfer the purchase money to the owner’s lawyers, and shortly after the monies have arrived, you will be invited to collect the keys from the selling Agents and move into your new home. Usually this occurs between 1 and 3pm.

My aunt advised me that in buying a property in Wolstanton there could be various restrictions preventing external alterations to the property. Is this right?

We are aware of a number of properties in Wolstanton which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Wolstanton should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I have today made my last payment due on my mortgage with RBS. I assume I don't need a Wolstanton conveyancing practitioner on the RBS panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:

1. but are not moving to another property
2. where RBS has sent the Land Registry the discharge electronically, and
3. RBS has instructed the Land Registry to do so

It has been 3 months following my purchase conveyancing in Wolstanton took place. I have checked the Land Registry site which shows that I paid £175,000 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 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.

I was advised by a few property agents in Wolstanton to locate a conveyancer on your site. What’s the financial upside for Estate Agents to offer your site over alternative conveyancing organisations?

We don’t make any financial incentive for directing people in our direction. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.

I am employed by a long established estate agent office in Wolstanton where we have experienced a few flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Wolstanton conveyancing solicitors. Can you shed some light as to whether the owner of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Leasehold Conveyancing in Wolstanton - A selection of Questions you should consider before buying

In the main the outlay for major works tend not to be included within maintenance charges, although a few managing agents in Wolstanton ask leasehold owners to contribute towards a sinking fund created for the specific purpose of building a fund for larger works. How many of the leaseholders are in arrears for their maintenance charge payments? Please note that where the lease has fewer than eighty years it will affect the value of the property. Check with your bank that they are happy with the length of the lease. A short lease means that you will most likely require a lease extension at some point and it is worth discovering what this will be. For most Wolstantonlease extensions you will need to own the residence for two years before you are legally able to carry out a lease extension.