I am getting a mortgage offer from Nat West. I intend to employ the services of a Licensed Conveyancer in Rayleigh. Does the Nat West Conveyancing panel allow for Licensed Conveyancers?
The Nat West conveyancing panel is, like many other lenders, represented by the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am acquiring a house without a mortgage in Rayleigh. I have resided for the last 15 years in Rayleigh. Conveyancing searches are expensive. Given that I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then the vast majority of the Rayleigh conveyancing searches are non-obligatory. Your lawyer will ’encourage you, no-doubt strongly, that you should have searches completed, but she has a professional duty to take that path of guidance. Do bear in mind; if you are going to dispose of the house at a future date, it could be of importance to your prospective buyer what the searches contain. On occasion properties with day to day issues can still throw up adverse search results. A competent conveyancing solicitor in Rayleigh will provide you some sensible guidance in this regard.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Rayleigh. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 4/10/2021, the requirements read as follows :
3 months have elapsed following my purchase conveyancing in Rayleigh concluded. I have checked the Land Registry site which shows that I paid £175,000 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 premises 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.
I have been on the look out for a flat up to £305k and found one near me in Rayleigh I like with a park and transport links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Rayleigh for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
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