Unfortunately I am unable to travel far from Moor Park. I would like to know the understand why all Moor Park conveyancing practitioners are not on all mortgage company panels?
A decade ago most banks exhibited an approach to risk which is different than today. The FSA in 2010 conducted a thematic review into property fraud which in summary warned lenders: know the conveyancers on your panel. As a result, mortgage companies have since soughtmore data from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum volume of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the minimum amount of transactions the lenders set.
It has been three months following my purchase conveyancing in Moor Park took place. I have checked the Land Registry website which shows that I paid £150,000 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 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.
How does conveyancing in Moor Park differ for newly converted properties?
Most buyers of new build residence in Moor Park approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Moor Park tend to acquire the site, 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 conveyancing solicitors 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 used to new build conveyancing in Moor Park or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and found one near me in Moor Park I like with a park and station nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Moor Park in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you can request that they commence the lease extension formalities 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 lawyer concerning this matter.
I'm converting the mortgage on my primary home to a BTL loan with Barnsley Building Society and I will use the rest of the raised equity as a deposit on further property. The location we are interested in is Moor Park. Will your lawyers be able to act for the two lenders and link together the conveyances?
Do use our comparison tool on this site to ensure that the lawyers are approved by both mortgage companies. Having checked that they are the solicitor should be able to tie up the two conveyancing matters but you should talk with you solicitor and make clear your desired outcome and needs.
My partner and I about to exchange on the purchase a house in Moor Park but as a consequence of damage from the recent storms I have agreed recompense from the owner of £3k taking the form of a deduction in the price. This was going to be addressed as part of the conveyancing process however my lender will not agree to this. Why were they involved?
Your conveyancing practitioner listed on a bank conveyancing panel is required to advise the mortgage company of any amendments to the purchase figure. If you prohibit your lawyer to disclose the price change to your bank then they would have to discontinue acting for you and the lender.