It has come to my attention via my financial adviser that my Great Linford the law firm I have appointed is not on the mortgage company Solicitor panel. How can I check?
You need to call your Great Linford lawyer directly. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
We are due to exchange buying a property in Great Linford but as a result of damage from some water damage at the property I have managed to agree recompense from the current proprietors in the sum of three thousand pounds taking the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however Bank of Ireland are not allowing this. Why were they approached?
Any conveyancing practitioner that is on the Bank of Ireland approved list is duty bound to disclose to Bank of Ireland of any amendments to the sale price. If you prohibit your solicitor to disclose the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancer for your conveyancing in Great Linford.
My bid for a property was accepted at auction in Great Linford. Conveyancing is required. What are my next steps?
Having legally bound yourself to purchase you should instruct a conveyancing practitioner soon as you are facing a pending a fixed date to complete the property. An auction property will ordinarily have an associated auction pack. This will likely include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You must hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in order to complete the transaction on the set completion date.
This question may be naive but I am new to the house moving as a first time buyer of a ground floor flat in Great Linford. Do I pick up the keys to the premises on completion from my solicitor? If this is the case, I will find a High Street conveyancing solicitor in Great Linford?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and once they have received this, you will be invited to pick up the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
It is not clear whether my bank requires a lease extension. I have called into my local Great Linford building society branch on various occasions and was told it wasn't a problem and they would lend. My Great Linford conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend in accordance with their specific requirements. I have no idea who is right.
As long as the lawyer is on the bank approved list, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
It has been 4 months following my purchase conveyancing in Great Linford took place. I have checked the Land Registry site which shows that I paid £175,000 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 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.
I am looking for a ground for flat up to £235,500 and found one close by in Great Linford I like with amenity areas and station in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Great Linford in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage that many years will likely be problematic. 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 twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
Why is it not possible to complete our conveyancing in Great Linford on May bank holiday?
This is due to the fact that on completion the funds will be transferred electronically between the banks of the buyer and seller's lawyer and currently this can only take place on a business day. It is not possible to complete on a weekend either.