I require quick conveyancing in Morpeth as I am under a deadline to sign on the dotted line within one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
As you are not taking a mortgage you have the choice not to have searches conducted although no lawyer would suggest that you don't. With plenty of history conveyancing in Morpeth the following are instances of what can arise and adversely impact the marketability of the property: Enforcement Actions, Overdue Charges, Outstanding Grants, Railway Schemes,...
It has been 2 months since my purchase conveyancing in Morpeth 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 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.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one round the corner in Morpeth I like with a park and railway links nearby, however it's only got 49 years unexpired on the lease. I can't really find anything else in Morpeth for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage that many years will be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I need to instruct a conveyancing practitioner in Morpeth for my house move. Is it possible to see a solicitor's record with the legal regulator?
One may read presented Solicitor Regulator Association (SRA) determinations resulting from investigations from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, call +44 (0)121 329 6800. The SRA could recorded call for training purposes.
Do you have any advice for leasehold conveyancing in Morpeth with the aim of expediting the sale process?
- Much of the frustration in leasehold conveyancing in Morpeth can be bypassed where you appoint lawyers as soon as you market your property and request that they start to collate the leasehold information which will be required by the buyers’ conveyancers. You may think that you are aware of the number of years left on your lease but you should double-check by asking your solicitors. A purchaser's conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale. Some Morpeth leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have had conflict with your landlord or managing agents it is essential that these are settled before the property is put on the market. The purchasers and their solicitors will be concerned about purchasing a flat where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is better to reveal the dispute as historic rather than unresolved.
Morpeth Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
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Who takes responsibility for maintaining and repairing the block? On the whole the cost for major works tend not to be built into the service charges, although a few managing agents in Morpeth require leaseholders to contribute towards a sinking fund and this is used to offset against major repairs or maintenance. How many years are left on the lease?
My nephew is just in the process of moving home, the home loan was agreed last week in principle. One the seller agreed the offer on the apartment we contacted the lender to go forward with his. We were shocked to hear that mortgage lenders do not accept all conveyancing practitioner, they need to be on their approved list, is this legal?
Mortgage Companies normally imposes restrictions either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Morpeth property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.