We're in Warkworth, First timers buying with a mortgage (lender is Coventry BS , and our solicitor is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
five months have gone by following my purchase conveyancing in Warkworth concluded. I have checked the Land Registry website which shows that I paid £175,000 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.
About to purchase a new build apartment in Warkworth. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Warkworth
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants. 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. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Warkworth I like with open areas and station nearby, the downside is that it only has 51 years on the lease. There is not much else in Warkworth in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I am four weeks into a residential purchase having been directed to solicitors by the high street agent to perform conveyancing in Warkworth. I am am extremely dissatisfied with the quality of service. Can you help me find new solicitors?
A lawyer would have to be very poor in order to consider changing them. Has the loan offer been sent? In the event that it has you need to advise them of the new contact details and have the offer are issued to the new lawyers. Your new conveyancer needs to be on the banks approved list to avoid supplemental expenses and frustration. That should be your starting point. Our find a solicitor tool should assist you in finding a lender approved lawyer for your home move in Warkworth
My wife and I accepted an offer on a Warkworth flat left to us 8 years ago in 2010. I have over twenty years conveyancing knowledge and, now retired, see no reason not to undertake my own conveyancing. The buyer's solicitor has informed me that their building society will not allow you to do your own conveyancing as they require the funds to be transferred to a solicitor's bank account.
Lending requirements to property lawyers from all CML members state that If the vendor does not have legal representation the buyer’s lawyers should check whether the bank needs to be informed so that a decision can be reached as to whether they are prepared to proceed.