I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Barnard Castle with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
In theory, you could use a solicitor that is not on the Coventry BS conveyancing panel, but Coventry BS would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
It has been four months since my purchase conveyancing in Barnard Castle concluded. I have checked the Land Registry site which shows that I paid £200,000 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.
How does conveyancing in Barnard Castle differ for new build properties?
Most buyers of new build premises in Barnard Castle approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Barnard Castle typically buy the site, 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 Barnard Castle or who has acted in the same development.
I decided to have a survey carried out on a house in Barnard Castle prior to instructing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some banks may not give a mortgage on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to telephone us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Barnard Castle. Conveyancing will be smoother if you use a solicitor in Barnard Castle especially if they regularly deal with such properties in Barnard Castle.
Should I be suspicious that third parties that I am dealing with are suggesting a web based conveyancing firm rather than a local Barnard Castle conveyancing practice?
As is the case with lots of service providers, often referrals from family and friends can be very helpful. But there are lots of parties with a keen interest in a conveyancing transaction; estate agents, mortgage brokers and banks may put forward lawyers to instruct. Sometimes these lawyers might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to select your preferred lawyer. Don't forget that the majority of banks have an approved list of law firms you have to use for the mortgage aspect of your conveyancing.
I own a leasehold house in Barnard Castle. Conveyancing and Skipton Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Barnard Castle who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Barnard Castle conveyancing practitioner to do this as you can do this on the Land Registry website for a few pound. Rest assured that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Leasehold Conveyancing in Barnard Castle - Sample of Queries before buying
You should be aware if it is fewer than 80 years it will impact the marketability of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the premises for 24 months in order to be entitled to exercise a lease extension. This question is helpful as a) areas could cause problems for the block as the communal areas may start to deteriorate if repairs are not paid for b) if the leaseholders have a dispute with the running of the building you will need to know about it Is there a share of the freehold?