Last May we completed a house move in Wood Green. We have since encountered a number of issues with the house which we suspect were missed in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been carried out as part of conveyancing in Wood Green?
The query is vague as to the nature of the problems and if they are unique to conveyancing in Wood Green. Conveyancing searches and investigations initiated as part of the buying process are designed to help avoid problems. As part of the process, a property owner answers a questionnaire called a SPIF. answers turns out to be inaccurate, then you may have a claim against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Wood Green.
My mortgage company has suggested solicitors on their panel based in Wood Green but I would rather choose a conveyancing lawyer in Wood Green or nearer to where I live. Are you able to assist?
Not all Wood Green conveyancing solicitors are listed all lender’s conveyancing panel. Do make the most of our search tool to locate a Wood Green conveyancing solicitor on the on the bank panel.
I currently have a mortgage with Clydesdale for my property in Wood Green. Conveyancing has been completed a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Clydesdale?
You must advise Clydesdale prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel solicitor.
About to purchase flat in Wood Green. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wood Green conveyancer is on the Nottingham conveyancing panel.
Virgin Money have agreed my mortgage in principle, my offer on a property in Wood Green has been agreed to, now what?
Your estate agent will wish to be informed of your property lawyer's details (be sure the conveyancers are on the lender’s panel). Call up Virgin Money or the financial adviser and finish off any relevant forms. Virgin Money will appoint a valuer who will get in touch with the selling agent or owners to book an appointment. Once carried out (assuming no problems) it takes about a week to receive the mortgage offer. Virgin Money will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Wood Green.
five months have elapsed following my purchase conveyancing in Wood Green concluded. I have checked the Land Registry website which shows that I paid £200,000 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 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.
How does conveyancing in Wood Green differ for new build properties?
Most buyers of new build residence in Wood Green contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Wood Green tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Wood Green or who has acted in the same development.
I am soon to exchange buying a house in Wood Green but as a result of wreckage from the recent storms I have agreed compensation from the seller of £2k in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process yet my mortgage company will not agree to this. Should they have been approached?
Any property lawyer that is on a lender conveyancing panel is obliged to disclose to the bank of any changes to the sale figure. In the event that you did not allow your property lawyer to disclose the reduction to your lender then they would need to refrain from representing you and the bank.