Why do I have to pay up front for my conveyancing in Groby?
If you are buying a property in Groby your lawyer will request that you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the conveyancing searches. If any down payment is as part of the sale price then this will be needed immediately in advance of contracts are exchanged. The final balance that is needed will be payable a few days prior to the day of completion.
I have been advised by my conveyancer that absentee landlord insurance is needed on my purchase. What is the level of cover for Groby conveyancing?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Barclays and Chelsea Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I'm spending time viewing apartments in Groby and I am now considering a potential offer. Should I already have a lawyer in place at this point? I am planning to take a home loan with UBS.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are getting a mortgage with UBS, make sure you remember to check that your lawyer is on the UBS conveyancing panel.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Groby building society branch on various occasions and was informed it wasn't a problem and they would lend. My Groby conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer must comply with the CML Handbook section two conditions for your lender. 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
3 months have elapsed since my purchase conveyancing in Groby completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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'm purchasing a new build house in Groby with a loan from Virgin Money. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not inform my lawyer about the deal as it may jeopardize my loan with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £305k and found one close by in Groby I like with amenity areas and transport links nearby, however it only has 52 years unexpired on the lease. I can't really find anything else in Groby for this price, so just wondered if I would be making a mistake acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My mum and dad cant seem to find their Groby property on the HM Land Registry website. They recall that back in the 70’s when they purchased the house there were complications concerning Groby not being recognised in some systems.
Almost all properties in Groby should show up. Have you tried a search to just the postcode. Ordinarily it will mention all the properties within the postcode. Where recorded it will show up with a title number. Where they bought back in the 60’s it's conceivable it may be unregistered. The address may still be revealed but with the title number identified as 'na'. In this scenario you will need to locate the original title documentation which may be with your parent’s mortgage company.