I require expedited conveyancing in Silvertown as I am faced with an ultimatum to complete in less than 4 weeks. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
As you are not getting a home loan you have the choice not to do searches although no solicitor would suggest that you don't. Drawing on years of experience of conveyancing in Silvertown the following are examples of issues that can show up and therefore affect market value: Enforcement Actions, Overdue Fees, Outstanding Grants, Unadopted Roads,...
It has been 2 months since my purchase conveyancing in Silvertown concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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.
Just had an offer accepted on a new build apartment in Silvertown. Conveyancing is daunting 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 few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Silvertown
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There must be mutual enforceability of lessee’s covenants. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I have been on the look out for a leasehold apartment up to £245,000 and found one close by in Silvertown I like with open areas and station in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Silvertown suitable, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
Should I be concerned that estate agents that I am dealing with are suggesting a web based conveyancing firm as opposed to a local Silvertown conveyancing company?
As with lots of professional services, often input from relatives can be very helpful. But there are many players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all suggest lawyers to use. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You are at liberty to select your own conveyancer. Don't forget that the majority of lenders operate an approved list of conveyancers you must use for the lender aspect of your conveyancing.
What is the reason for my solicitor requiring numerous items of identification before I can proceed with selling or buying a property in Silvertown?
Silvertown lawyers are duty bound by the Law Society, SRA, the Land Registry and current Money Laundering Regulations to record that the have verified the identity of their clients. It is also sometimes a requirement of your bank if you are taking a mortgage. In addition they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.