AssumingI were to acquire a simple residential propertyin Alnwick for cash and dispense with a survey and no conveyancing searches how much would I expect to have to pay for conveyancing in Alnwick?
The sole saving you would make on is the disbursement for searches. The lawyer is required to do the vast majority of work - money laundering, correspond with the sellers conveyancing practitioner, SDLT submission, register the property etc. You might save a bit for them not having to register a mortgage but it won't be a lot.
Can you explain why leasehold purchase conveyancing in Alnwick is more expensive?
The conveyancing costs on a leasehold premises in Alnwick is inevitably greater than on a freehold transaction. This is due to the supplemental time required in communicating with the freeholder and management company to collate the information about whether the rent and service fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.
It has been three months following my purchase conveyancing in Alnwick completed. I have checked the Land Registry website 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 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.
I'm purchasing a new build house in Alnwick with a mortgage from Bank of Scotland. The developers refused to move on the amount so I negotiated 6k of extras instead. The property agent advised me not disclose to my conveyancer about this deal as it will jeopardize my loan with the 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 have been on the look out for a leasehold apartment up to £235,500 and found one close by in Alnwick I like with open areas and railway links nearby, the downside is that it's only got 51 years on the lease. I can't really find anything else in Alnwick suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I see that you have a search directory identifying firms on the mortgage company conveyancing panel. Do Alnwick conveyancing companies pay you a commission if I instruct them for my conveyancing?
We are a listing service only for law firms wishing to communicate if they are on the bank conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Alnwick.