My wife and I are soon to exchange buying a house in Droylsden but as a consequence of wreckage from some water damage at the property I have managed to agree compensation from the current proprietors in the sum of six thousand pounds by way of a reduction in the price. This was going to be dealt with as part of a side agreement however Lloyds are not allowing this. Why were they approached?
The lawyer being on the Lloyds approved list is duty bound to inform Lloyds of any amendments to the purchase price. If you prohibit your property lawyer to disclose the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new conveyancer for your conveyancing in Droylsden.
I had intended to instruct a property lawyer in Droylsden for our house purchase. Our financial adviser has since advised us that our mortgage lenders Clydesdale won't deal with them. Surely this is unduly restrictive?
A mortgage company can direct that a panel solicitor act for it. Borrowers are expected to meet the cost of this. Do use our search facility to get a quote from a solicitor to carry conveyancing in Droylsden on the Clydesdale conveyancing panel.
I have been told that property searches are a common reason for stalling in Droylsden house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Droylsden.
My wife and I own a renovated Edwardian property in Droylsden. Conveyancing lawyer acted for me and Virgin Money. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Droylsden and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the position with the conveyancing solicitor who conducted the purchase.
How does conveyancing in Droylsden differ for new build properties?
Most buyers of new build or newly converted property in Droylsden come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Droylsden tend to purchase 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 accustomed to new build conveyancing in Droylsden or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one round the corner in Droylsden I like with amenity areas and railway links nearby, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Droylsden in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.