My wife and I are soon to exchange on the purchase of a property in Lymington but as a result of wreckage from some water damage at the property I have was able negotiate compensation from the vendor of three thousand pounds by way of a deduction in the price. This was going to be addressed as part of a side agreement but Nottingham will not agree to this. Should they have been informed?
Your conveyancer that is on a Nottingham approved list is obliged to inform Nottingham of any amendments to the sale price. If you were to refuse your property lawyer to notify the price change to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new conveyancer for your conveyancing in Lymington.
We have a mortgage agreed in principle with UBS. Lymington conveyancing solicitors have been chosen. How long does it take for UBS to send the offer to the conveyancing practitioner?
Some lenders take longer than others. Have UBS conducted the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Lymington. An unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Principality your lawyer must comply with the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Principality. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancers are required to report to Principality where a lease does not comply with these specifications. The conditions relate to the installation of panels on properties countrywide and is not limited to Lymington.
After shopping around on the internet I have found a Lymington conveyancing practitioner having made sure that they are on the TSB conveyancing panel. Does my lawyer arrange the survey of the property?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Lymington surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
2 months have elapsed following my purchase conveyancing in Lymington concluded. I have checked the Land Registry website 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 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.
How does conveyancing in Lymington differ for new build properties?
Most buyers of new build residence in Lymington approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is built. This is because developers in Lymington usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Lymington or who has acted in the same development.
What advice can you give us when it comes to finding a Lymington conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for lease extension works (regardless if they are a Lymington conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Lymington conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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How familiar is the practice with lease extension legislation? Can they put you in touch with clients in Lymington who can give a testimonial?
Lymington Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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What is the service charge and ground rent on the property? Best to be warned whether fixing the lift or some other significant cost is anticipated that will be shared by the leaseholders and will materially increase the the service fees or necessitate a one time invoice. It would be wise to discover if the the lease contains any onerous restrictions in the lease. For instance plenty of leases prohibit pets being allowed in in a block in Lymington. If you love the flatin Lymington however your dog is not allowed to make the move with you then you have a very difficult decision.
My wife and I have an offer in principle from TSB who indicated we could borrow up to £300k. At what point do I need to instruct a solicitor for conveyancing? Lymington is where we are buying.
It would be wise to appoint a conveyancing practitioner now so that the solicitor can open the file so they can commence their AML checks etc. Once you wish them to commence work you will be asked for a deposit usually approximately £225. That would generally be once you have the loan offer from the lender and valuation report, but if you wish to speed matters you can get going quicker even though you may be risking some money.