I went with a local lawyer for our conveyancing in Littleport recently. After carefully reading the Ts and Cs it is apparent thatI am liable for costs even if the dealdoes not happen. Should I ditch them and select an on-line solicitor practice promoting no move no charge conveyancing in Littleport?
It is usually a trade off in that if "No Sale No Fee" is advertised then the conveyancing charges will tend to be be higher to offset those transactions that abort. Please beware that these promotions tend not to protect you from disbursements e.g. Littleport conveyancing search fees.
Can you point me to a directory of Virgin Money panel conveyancers in Littleport on the Council of Mortgage Lender’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. Very few lenders make their panel listings visible on the web. If you are in need of a Littleport property lawyer on the Virgin Money please make the most of our facility.
I have decided to exercise my right to buy my property in Littleport off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
I am due to exchange contracts on my house. I had a double glazing fitted in March 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Skipton are being difficult. The Littleport solicitor who is on the Skipton conveyancing panel is saying indemnity insurance will be fine but Skipton are requiring a building regulation certificate. Why do Skipton have a conveyancing panel if they don't accept advice from them?
It is probably the case that Skipton have referred the matter to their valuer. The reason why Skipton may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will our solicitor be raising enquiries about flooding during the conveyancing in Littleport.
Flooding is a growing risk for lawyers dealing with homes in Littleport. There are those who purchase a house in Littleport, fully expectant that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to offer advice on flood risk, but there are a numerous searches that can be undertaken by the buyer or by their conveyancers which can give them a better appreciation of the risks in Littleport. The standard property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the vendor to discover if the property has suffered from flooding. In the event that the property has been flooded in past and is not disclosed by the vendor, then a purchaser may bring a compensation claim as a result of such an misleading reply. A purchaser’s conveyancers may also commission an enviro search. This should higlight if there is any known flood risk. If so, additional inquiries should be initiated.
2 months have gone by following my purchase conveyancing in Littleport concluded. I have checked the Land Registry website which shows that I paid £200,000 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 property 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 buying a new build house in Littleport with a loan from Godiva Mortgages Ltd. The developers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my lawyer about the side-deal as it could impact my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
What makes a Littleport lease problematic?
Leasehold conveyancing in Littleport is not unique. Most leases are drafted differently and legal mistakes in the legal wording can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
Clauses dealing with recovering service charges for expenditure on the building or common parts. Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, forcing the buyer to withdraw.
I invested in buying a basement flat in Littleport, conveyancing was carried out in 2006. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Littleport with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2073
With 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.