I am due to exchange on the purchase of a property in Erdington but as a result of wreckage from the recent storms I have managed to agree compensation from the seller in the sum of three thousand pounds taking the form of a reduction in the price. I had intended this to be addressed as part of amending the contract but Lloyds are not allowing this. Should they have been informed?
Your solicitor that is on a Lloyds conveyancing panel is required to inform Lloyds of any variations to the sale price. If you prohibit your property lawyer to disclose the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new property lawyer for your conveyancing in Erdington.
Is there a reason why leasehold purchase conveyancing in Erdington is more expensive?
In short, leasehold conveyancing in Erdington and elsewhere usually involve more hours of investigation compared to freehold transactions. This includes reviewing the lease, liaising with the landlord about serving applicable notices, obtaining up-to-date service charge and management information, securing the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
Should my conveyancer be asking questions about flooding as part of the conveyancing in Erdington.
Flooding is a growing risk for conveyancers dealing with homes in Erdington. Plenty of people will acquire a house in Erdington, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Erdington. The standard property information forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not revealed by the seller, then a purchaser could commence a compensation claim as a result of such an inaccurate reply. The buyer’s conveyancers will also carry out an environmental search. This should higlight whether there is a recorded flood risk. If so, further investigations will need to be conducted.
2 months have elapsed since my purchase conveyancing in Erdington 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.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Erdington I like with a park and station in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Erdington suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.
I am buying a flat and cash is in place. I have provided lawyer with two separate forms of photographic identification, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer acknowledging that the money is in order and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Erdington conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.