Last December we completed a house move in Fulwood. We have since encountered a number of issues with the property which we consider were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the nature of searches that needed to have been ordered as part of conveyancing in Fulwood?
The query is vague as to the nature of the problems and if they are specific to conveyancing in Fulwood. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, the vendor fills in a document referred to as a SPIF. If the information turns out to be misleading, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Fulwood.
Me and my partner are purchasing a flat in Fulwood. I might seem paranoid but how we can trust a lawyer? At some point we will need to put funds into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
A friend pointed out to me me that in buying a property in Fulwood there could be various restrictions affecting the ability to carry out external alterations to the property. Is this right?
There are anumerous of properties in Fulwood which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Fulwood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We previously selected solicitors located in Fulwood on the Barclays solicitor panel. They have just invoiced me an additional fee for the legal aspects of the Barclays mortgage. Is this an additional conveyancing fee set by Barclays?
As unfair as it may seem, as long as it’s in their Terms of Engagement or estimate then yes your property lawyer can levy a fee for this. This charge is not set by Barclays but by your Fulwood lawyer. Some firms on the Barclays panel will quote an ‘acting for lender’ fee and others do not.
Will our lawyer be raising enquiries about flooding as part of the conveyancing in Fulwood.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Fulwood. Some people will purchase a house in Fulwood, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Fulwood. The conventional set of property information forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the owner to discover whether the property has suffered from flooding. In the event that the residence has been flooded in past which is not notified by the owner, then a purchaser may commence a compensation claim as a result of such an inaccurate answer. The purchaser’s lawyers may also commission an environmental report. This will indicate if there is any known flood risk. If so, additional investigations should be initiated.
It has been four months since my purchase conveyancing in Fulwood concluded. I have checked the Land Registry website which shows that I paid £200,000 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 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'm purchasing my first flat in Fulwood benefiting from help to buy. The developers would not move on the amount so I negotiated £7000 of additionals instead. The estate agent told me not inform my conveyancer about the side-deal as it may impact my mortgage with Nottingham Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been on the look out for a ground for flat up to £305k and found one close by in Fulwood I like with a park and transport links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Fulwood in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities 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.