I am considering applying for a Leeds Building Society mortgage for purchase of a newly converted (under development) in Castle Donington with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am purchasing a house and the solicitor has referenced Chancel Repair for which the property could be liable because it falls into the area of such a church. She has mentioned insurance. Is this strictly appropriate for conveyancing in Castle Donington
Unless a prior purchase of the premises completed post 12 October 2013 you can assume that lawyers delivering conveyancing in Castle Donington to continue to advocate a chancel search and or chancel repair liability insurance.
It has been five months since my purchase conveyancing in Castle Donington completed. 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.
How does conveyancing in Castle Donington differ for newly converted properties?
Most buyers of new build premises in Castle Donington approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Castle Donington usually buy 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 property lawyers 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 accustomed to new build conveyancing in Castle Donington or who has acted in the same development.
I was pointed in your direction by two or three local property agents in Castle Donington to choose a solicitor on your site. What’s the financial upside for Estate Agents to offer your services over and above alternative conveyancing organisations?
We refuse to offer any commission for directing people our way. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
Last January I purchased a leasehold property in Castle Donington. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Castle Donington Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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This information is helpful as a) areas can cause problems in the building as the communal areas may start to deteriorate where services remain unpaid b) if the tenants have an issue with the managing agents you will need to know about it Please note if it is no more than eighty years it will affect the salability of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. A short lease means that you will probably have to extend the lease sooner rather than later and it is worth finding out how much this will be. For most Castle Doningtonlease extensions you would be required to have owned the residence for two years before you are legally able to extend the lease. Plenty Castle Donington leasehold flats will be liable to pay a service charge for maintenance of the block set on behalf of the freeholder. Where you buy the flat you will have to meet this amount, normally periodically during the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, this is usually not a significant figure, say around £25-£75 but you need to check it because on occasion it could be many hundreds of pounds.