What does my ID and proof of funds have anything to do with my conveyancing in Blakeney? Is this really warranted?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identification documents of the person or body they are dealing with prior to agreeing to accepting their conveyancing retainer. The Terms of Engagement that you are required to sign should reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to hand over identification documents, your lawyer will not be able to take you on as a client.
I have paid off my mortgage with Virgin Money. I assume I don't need a Blakeney property lawyer on the Virgin Money panel to discharge the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Virgin Money 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 Virgin Money mortgage from the register. Virgin Money, 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:
- but are not moving to another property
- where Virgin Money has sent the Land Registry the discharge electronically, and
- Virgin Money has instructed the Land Registry to do so
Leeds Building Society have agreed my mortgage in principle, my bid on a house in Blakeney has been agreed to, what happens next?
The property agent will need to be informed of your conveyancing practitioner's details (ensure that the conveyancing practitioners are on the lender’s panel). Call up Leeds Building Society or your financial adviser and finish off any appropriate paperwork. Leeds Building Society will sellect a valuer who will get in contact with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes on average a fortnight to get a mortgage offer. Leeds Building Society will send the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Blakeney.
At last I have had an offer on an apartment in Blakeney accepted, but there is a chain. The sellers have offered on a property, but it’s not yet tied up, and are looking at other properties booked. I have instructed a high street conveyancing solicitor in Blakeney. What do I do now? When should I get the mortgage application with TSB started?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs prematurely (mortgage application is in the region of one thousand pounds, then survey, Blakeney conveyancing search charges, etc). The first course of action is to check that your lawyer is on the TSB approved list. Regarding the subsequent steps this very much dictated by the uniqueness of your case, attraction to this property and on the state of the market. In a buoyant market many purchasers will apply for a home loan with TSB and arrange for the valuation and only if it was satisfactory would they pay their solicitor to move forward with searches.
Should our lawyer be asking questions regarding flooding during the conveyancing in Blakeney.
The risk of flooding is if increasing concern for lawyers conducting conveyancing in Blakeney. Plenty of people will buy a house in Blakeney, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or by their lawyers which can give them a better appreciation of the risks in Blakeney. The conventional set of information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the seller to discover whether the property has suffered from flooding. If the residence has been flooded in past which is not disclosed by the seller, then a buyer may bring a compensation claim resulting from an inaccurate answer. The buyer’s lawyers may also conduct an enviro search. This should indicate if there is a recorded flood risk. If so, further investigations should be conducted.
It has been four months following my purchase conveyancing in Blakeney took place. I have checked the Land Registry website 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.
Am I best advised to use a Blakeney conveyancing practitioner based in the location that I am hoping to buy? We have a good friend who can deal with the legal work however his firm is located 200kilometers away.
The benefit of a local Blakeney conveyancing practice is that you can pop in to execute documents, hand in your ID and pester them if necessary. They will also have local intelligence which is a plus. However it's more important to get someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were content that must trump using an unfamiliar Blakeney conveyancing solicitor solely due to them being local.
I am attracted to a two maisonettes in Blakeney both have approximately forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Blakeney is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of buyers and banks, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Blakeney conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Blakeney Leasehold Conveyancing - A selection of Questions you should consider before buying
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The answer will be important as a) areas could result in problems for the block as the communal areas may start to deteriorate where repairs remain unpaid b) if the leaseholders have an issue with the running of the building you will want to have full disclosure Who are the managing agents? Generally speaking the cost for major works tend not to be wrapped into the service charges, although a few managing agents in Blakeney obliged tenants to pay into a sinking fund created for the specific intention of building a fund for larger repairs or maintenance.