Completed the sale of my flat in Acrefair last November yet the purchaser is e-mailing me to moan that his lawyer needs to hear from myconveyancer. What are the post completion sale legalities following completion?
Following your disposal your conveyancer should forward the transfer documentation and all of the paperwork to the buyer’s lawyers. Depending on the transaction, your conveyancer should also confirm that the legal charge in favour of the lender has been paid off to the purchasers conveyancers. There is unlikely to be post completion steps unique to conveyancing in Acrefair.
My partner and I are in the throws of looking at flats in Acrefair and I am now considering a potential offer. Should I already have a property lawyer appointed at this stage? I intend to finance via a mortgage with Bank of Ireland.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are getting a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
Intending to buy a apartment in Acrefair. 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 Bank of Ireland 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 Acrefair conveyancer is on the Bank of Ireland conveyancing panel.
Kent Reliance have agreed my home loan in principle, my offer on a flat in Acrefair has been agreed to, what happens next?
The property agent will want to know who your solicitors are (ensure that the solicitors are on the lender’s approved list). Telephone Kent Reliance or your broker and finish off any appropriate forms. Kent Reliance will appoint a valuer who will get in contact with the selling agent or seller to book a slot for the valuation to happen. Once conducted (assuming no problems) it takes about ten days for the mortgage offer to be issued. Kent Reliance 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 Acrefair.
It has been three months following my purchase conveyancing in Acrefair concluded. I have checked the Land Registry site 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.
I decided to have a survey done on a house in Acrefair ahead of instructing solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders will not issue a mortgage on a flying freehold property.
It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Acrefair. Conveyancing will be smoother if you use a solicitor in Acrefair especially if they regularly deal with such properties in Acrefair.
What does commercial conveyancing in Acrefair cover?
Acrefair conveyancing for business premises covers a broad range of advice, given by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
What are the frequently found problems that you come across in leases for Acrefair properties?
Leasehold conveyancing in Acrefair is not unique. Most leases are unique and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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A provision to repair to or maintain elements of the property
You may encounter difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Leeds Building Society, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
Leasehold Conveyancing in Acrefair - A selection of Questions you should ask before Purchasing
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It would be prudent to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to practical matters like the tidiness of the communal areas. Ask prospective neighbours what they think of them. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely how they are spending the funds. How many of the leaseholders are in arrears for their maintenance charge payments? Most Acrefair leasehold properties will incur a service charge for maintenance of the block levied on behalf of the freeholder. If you buy the apartment you will have to pay this amount, normally periodically during the year. This could be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge to be met annual, normally this is not a exorbitant figure, say approximately £25-£75 but you need to check it because occasionally it can be many hundreds of pounds.