Various online forums that I have frequented warn that are a common cause of stalling in Elm Park house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Elm Park.
2 months have elapsed following my purchase conveyancing in Elm Park took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. 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 premises 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 Elm Park differ for new build properties?
Most buyers of new build residence in Elm Park come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Elm Park typically acquire 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 Elm Park or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Elm Park is where the house is located. Is there any guidance you can impart?
Flying freeholds in Elm Park are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Elm Park you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Elm Park may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Should I go with a Elm Park conveyancing lawyer based in the vicinity that I am hoping to buy? I have an old university friend who can perform the legal formalities however her office is 400kilometers drive away.
The primary upside of using a local Elm Park conveyancing firm is that you can pop in to execute documents, present your ID and apply pressure on them where appropriate. Having local Elm Park know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and they were happy that should surpass using an unfamiliar Elm Park conveyancing solicitor just because they are local.
When it comes to my conveyancing in Elm Park should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Elm Park conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.