Can you explain why leasehold purchase conveyancing in Alnmouth is more expensive?
Alnmouth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Will my solicitor be raising enquiries regarding flooding during the conveyancing in Alnmouth.
The risk of flooding is if increasing concern for solicitors dealing with homes in Alnmouth. There are those who buy a property in Alnmouth, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that can be undertaken by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Alnmouth. The conventional set of information sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to determine if the premises has suffered from flooding. If the residence has been flooded in past and is not revealed by the seller, then a buyer could bring a compensation claim resulting from an inaccurate answer. The purchaser’s conveyancers should also commission an enviro report. This will reveal whether there is any known flood risk. If so, additional inquiries should be made.
It has been 3 months following my purchase conveyancing in Alnmouth concluded. I have checked the Land Registry site 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 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 Alnmouth differ for newly converted properties?
Most buyers of new build premises in Alnmouth come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because house builders in Alnmouth typically acquire 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 conveyancers 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 Alnmouth or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Alnmouth ahead of instructing conveyancers. I have been told that there is a flying freehold element to the property. The surveyor has said that some mortgage companies tend not issue a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. If you call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Alnmouth. Conveyancing may be slightly more expensive based on your lender's requirements.
I have been recommended a conveyancing solicitor in Alnmouth. I need to find out if they are listed on the bank's approved list of lawyers. Could you or the bank confirm if they are on the panel?
It’s a good idea call your lawyer and ask them if they are on the lender's panel. Alternatively please call us and we can investigate and revert. Should the firm not be on the bank panel we we can help find a quality conveyancing solicitor in Alnmouth on the panel for your lender.