What will a local search tell me about the house my wife and I purchasing in Romney?
Romney conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Searchflow The local search is essential in every Romney conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
4 months have gone by since my purchase conveyancing in Romney took place. I have checked the Land Registry website which shows that I paid £150,000 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 am purchasing my first flat in Romney with a mortgage from Lloyds TSB Bank. The developers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not inform my solicitor about the deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Due to the guidance of my in-laws I had a survey completed on a property in Romney in advance of retaining solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks will refuse to give a loan on this type of property.
It varies from the lender to lender. Lloyds has different requirements from Nationwide. If you contact us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Romney. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Romney to see if the conveyancing costs will increase in light of this.
We are four weeks into a residential purchase having been directed to a firm by the selling agent to carry out the conveyancing in Romney. We are not happy. Can you you assist me in finding new lawyers?
They would need to be very bad in order to consider diss instructing them. Has the loan offer been sent? In the event that it has you need to advise them of the new conveyancer and ensure the loan are re-issued. Your conveyancer needs to be on the mortgage company panel to avoid escalating expenses and frustration. So that should be your starting point. Our search tool can assist you in finding a bank approved conveyancer for your home move in Romney
What makes a Romney lease unmortgageable?
There is nothing unique about leasehold conveyancing in Romney. Most leases are drafted differently and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:
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Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Virgin Money, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I inherited a basement flat in Romney, conveyancing formalities finalised in 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Romney with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2081
You have 55 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.