My wife and I are about to complete on the purchase of a house in Erdington but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the vendor in the sum of three thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of amending the contract however Clydesdale are not allowing this. Should they have been notified?
Your conveyancer that is on a Clydesdale conveyancing panel is duty bound to disclose to Clydesdale of any variations to the purchase price. If you prohibit your conveyancing practitioner to disclose the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancer for your conveyancing in Erdington.
Why is leasehold purchase conveyancing in Erdington is more expensive?
Erdington leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Should my conveyancer be raising questions concerning flooding during the conveyancing in Erdington.
Flooding is a growing risk for lawyers carrying out conveyancing in Erdington. There are those who buy a house in Erdington, fully expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, but there are a various checks that can be initiated by the purchaser or on a buyer’s behalf which will figure out the risks in Erdington. The standard completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to discover if the property has historically flooded. If the property has been flooded in past and is not disclosed by the owner, then a purchaser may issue a compensation claim as a result of such an incorrect response. The buyer’s lawyers may also commission an environmental report. This will reveal whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
4 months have gone by since my purchase conveyancing in Erdington concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. 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 flat up to £235,500 and identified one near me in Erdington I like with a park and transport links in the vicinity, however it only has 49 years on the lease. I can't really find anything else in Erdington for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I am buying a house and cash is in place. My solicitor has been handed with two distinct evidence of photographic ID, bank statement, numerous utility bills. Now he wants a copy from a probate lawyer advising that the funds are in order and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Erdington conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering Regulations.