I am due to complete buying a property in Sherwood but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the vendor in the sum of £3k in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process yet Lloyds will not agree to this. Why were they approached?
The lawyer that is on a Lloyds approved list is obliged to disclose to Lloyds of any variations to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancing practitioner for your conveyancing in Sherwood.
I own a freehold residence in Sherwood yet pay rent, why is this and what is this?
It’s unusual for properties in Sherwood and has limited impact for conveyancing in Sherwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I need some quick conveyancing in Sherwood as I have pressure to exchange contracts inside 3 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
As you are not obtaining a mortgage you are at liberty not to do searches although no lawyer would advise that you don't. With plenty of history conveyancing in Sherwood the following are instances of issues that can arise and therefore affect the marketability of the property: Refused Planning Applications, Outstanding Charges, Overdue Grants, Railway Schemes,...
It has been five months following my purchase conveyancing in Sherwood took place. 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 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.
I decided to have a survey carried out on a property in Sherwood prior to instructing lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies tend refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you contact us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Sherwood. Conveyancing will be smoother if you use a solicitor in Sherwood especially if they are familiar with such properties in Sherwood.
I need to retain a conveyancing solicitor for some conveyancing in Sherwood. I have discover a site which looks to be the perfect solution If there is a chance to get all the legals completed via web that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?