We're in Woolavington, First timers buying with a mortgage (lender is Coventry BS , and our lawyer 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 solicitor 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.
Should our lawyer be asking questions concerning flooding during the conveyancing in Woolavington.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Woolavington. There are those who purchase a property in Woolavington, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that can be undertaken by the purchaser or by their lawyers which can figure out the risks in Woolavington. The standard property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out if the premises has suffered from flooding. If the property has been flooded in past which is not disclosed by the owner, then a buyer may commence a claim for damages as a result of such an inaccurate reply. The purchaser’s solicitors should also commission an environmental search. This should disclose if there is a recorded flood risk. If so, more detailed investigations will need to be conducted.
2 months have elapsed since my purchase conveyancing in Woolavington took place. I have checked the Land Registry website which shows that I paid £175,000 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 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.
How does conveyancing in Woolavington differ for newly converted properties?
Most buyers of new build residence in Woolavington contact us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Woolavington tend to acquire the site, 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 conveyancing solicitors 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 Woolavington or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in Woolavington I like with a park and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Woolavington for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease will be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
My husband and I are first time buyers - had an offer accepted, yet the property agent advised that the owners will only issue a contract if we use the agent's recommended conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor accustomed to conveyancing in Woolavington
We suspect that the owner is unaware of this demand. If they desire ‘a quick sale', taking such a hostile approach to a serious purchaser is is going to put the whole deal at risk. Contact the vendors directly and make sure they understand (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)however you intend to appoint your preferred Woolavington conveyancing solicitors - as opposed tothe ones that will earn their estate agent a referral fee or achieve conveyancing targets demanded by senior management.