My apartment in Arley is up for sale and I have a purchaser. Does my property lawyer need to be on the Aldermore conveyancing panel in order to deal with redeeming my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently at the moment.
Forgive me if this question is silly but I am unexperienced as FTB of a two bedroom flat in Arley. Do I receive the keys to the house on the completion date from my solicitor? If this is the case, I will appoint a local conveyancing solicitor in Arley?
On the day of completion you will not be required to attend the conveyancers office in Arley. Your solicitors will electronically transfer the completion advance to the vendor’s conveyancers, and once they have received this, you should be able to receive the keys from the selling Agents and move into your new home. This tends to happen early afternoon.
Please help - my lawyer says that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Arley?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and Coventry Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
Is it the case that all Arley conveyancing solicitors on the Nationwide conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Nationwide conveyancing panel they would need to be governed by the Solicitors Regulatory Authority. Some lenders do allow licenced conveyancers on their panel in which case such firms would be governed by the CLC.
It has been 4 months following my purchase conveyancing in Arley completed. I have checked the Land Registry site 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 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 Arley differ for new build properties?
Most buyers of new build residence in Arley approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is built. This is because new home sellers in Arley usually buy 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 Arley or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £245,000 and found one near me in Arley I like with amenity areas and transport links nearby, however it's only got 49 years on the lease. I can't really find anything else in Arley for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
We have been informed by various family members to expect six to eight weeks for Arley conveyancing to complete.This was four weeks ago. The paperwork was only forwarded from the vendors property lawyer last week so now does it countdown?
You should be realistic concerning timescales. Moving home in Arley usually takes about ten weeks. This time period is not because solicitor are slow and purposely delay matters. The amount of money involved in purchasing any property is so high, the buyer’s lawyer having to raise a wide range of enquiries, searches and supplemental checks to protect the purchaser and their mortgage company (if there is to be a mortgage) from expensive, avoidable problems. These checks involves getting information from an array of different parties, for example other property lawyer, local councils, private companies, lenders. Some of these are efficient. Others are not. Finally, no matter how quickly your lawyer do their part, if the people you are buying from or are selling to aren't ready, nothing can move forward until they are.