We are due to exchange buying a house in Penge but as a consequence of damage from a small fire at the property I have was able negotiate compensation from the vendor of £3k taking the form of a adjustment in the price. This was going to be addressed as part of amending the contract however Aldermore will not agree to this. Why were they informed?
The lawyer being on a Aldermore approved list is obliged to advise Aldermore of any variations to the sale price. If you were to refuse your lawyer to report the price change to Aldermore then they would have to discontinue acting for you. In addition, Aldermore and you would have to appoint a new conveyancing practitioner for your conveyancing in Penge.
My lawyer has informed me that restrictive coveneant insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Penge?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
We are getting the release of further funds on our mortgage from UBS as we intend to carry out renovations to our house in Penge. Are we obliged to choose a local Penge solicitor on the UBS conveyancing panel to handle the legals?
UBS would not normally appoint a member of their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS list.
Our sealed bid on a detached house in Penge has been agreed to, the sellers do however have a connected purchase. The owners have offered on somewhere, however it’s not been accepted yet, and have viewings of other apartments booked. I have selected a bricks and mortar conveyancing solicitor in Penge. What do I do now? At what point should I apply for the mortgage with Bank of Ireland?
It is usual to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is in the region of £1k, then survey, Penge conveyancing search charges, etc). The first thing to do is ensure that your lawyer is on the Bank of Ireland approved list. Concerning the subsequent steps this very much dictated by the circumstances of your transaction, attraction to this property and on the state of the market. During a rising market the majority of purchasers would apply for a home loan with Bank of Ireland and pay for the valuation and only if it was satisfactory would they pay their solicitor to press on with the conveyancing in Penge.
2 months have gone by following my purchase conveyancing in Penge completed. I have checked the Land Registry website which shows that I paid £150,000 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 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.
The estate agent has sent us the confirmation of our purchase of a new build flat in Penge. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Penge
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
I have been on the look out for a leasehold apartment up to £245,000 and identified one round the corner in Penge I like with open areas and transport links nearby, however it only has 51 remaining years left on the lease. There is not much else in Penge for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may 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 consult your conveyancing solicitor concerning this.
Should I go with a Penge conveyancing lawyer who is local to the property I am hoping to buy? We have a good friend who can execute the legal formalities but his firm is located over three hundred kilometers drive away.
The primary upside of using a high street Penge conveyancing practice is that you can attend the office to execute documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local insight which is a benefit. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must outweigh using an unknown Penge conveyancing solicitor solely due to them being based in the area.