I am not in a position to travel far from Morden. Is there a reason why all Morden solicitors aren't included on all bank panels?
Pre- 2008 most mortgage companies had an approach to risk which differs from the current day. The FSA in 2010 carried out a thematic review into property fraud which concluded: know the property lawyers on your panel. Accordingly, lenders have since looked to extract more information from law firms regarding their operations and the staff who work for them and set certain criteria such as completing a minimum number of transactions. Many law practices have found themselves excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms found it impossible satisfy the minimum amount of transactions the lenders set.
Should our lawyer be asking questions about flooding during the conveyancing in Morden.
Flooding is a growing risk for solicitors conducting conveyancing in Morden. Some people will purchase a property in Morden, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a number of searches that can be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Morden. The standard property information forms sent to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a usual question of the owner to discover if the property has ever been flooded. If flooding has previously occurred and is not disclosed by the vendor, then a purchaser could issue a compensation claim as a result of such an incorrect reply. A purchaser’s conveyancers may also commission an enviro search. This will disclose whether there is a recorded flood risk. If so, more detailed investigations should be conducted.
It has been five months following my purchase conveyancing in Morden took place. 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 asset 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Morden I like with open areas and transport links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Morden in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you could 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 and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
What does commercial conveyancing in Morden cover?
Non domestic conveyancing in Morden incorporates a broad array of services, offered by qualified solicitors, relating to business property. For instance, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
I have just appointed agents to market my ground floor apartment in Morden.Conveyancing has not commenced however I have just received a quarterly maintenance charge demand – what should I do?
It best that you pay the service charge as you normally would given that all rents and service invoices will be allottedon completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process