My brother and I have lately bought a property in Gerrards Cross. We have since encountered a number of issues with the house which we believe were omitted in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been ordered for conveyancing in Gerrards Cross?
The question is vague as to the nature of the problems and if they are relate to conveyancing in Gerrards Cross. Conveyancing searches and due diligence initiated as part of the legal transfer of property are designed to help avoid problems. As part of the process, a property owner completes a questionnaire called a Seller’s Property Information Form. If the information turns out to be inaccurate, you may have a misrepresentation claim against the vendor 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 Gerrards Cross.
Why do I have to pay up front when it comes to conveyancing in Gerrards Cross?
If you are buying a property in Gerrards Cross your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any down payment is payable against the purchase price then this will be required immediately in advance of contracts are exchanged. Any further balance that is needed will be payable a couple of days ahead of the completion date.
A friend pointed out to me me that in buying a property in Gerrards Cross there could be various restrictions limiting what one can do in terms of external changes to a property. Is this right?
There are anumerous of properties in Gerrards Cross which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Gerrards Cross should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the only beneficiary of my late father’s estate and I have everything in my name now, including the my former home in Gerrards Cross. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view mortgage companies take of it, depend on the bank as this provision is chiefly there to capture subsales or the flipping of properties.
Planning on purchasing a house in Gerrards Cross. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds 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 Gerrards Cross conveyancing practitioner is on the Lloyds conveyancing panel.
2 months have gone by since my purchase conveyancing in Gerrards Cross completed. I have checked the Land Registry site which shows that I paid £175,000 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 residence 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 am buying my first flat in Gerrards Cross with a loan from Nationwide Building Society. The sellers would not move on the price so I negotiated £7000 of extras instead. The house builders rep told me not to tell my lawyer about the extras as it will put at risk my mortgage with Nationwide Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Due to the advice of my in-laws I had a survey completed on a property in Gerrards Cross before retaining lawyers. I have been informed that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements from Halifax. Should you wish to telephone us we can investigate further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Gerrards Cross. Conveyancing will be smoother if you use a solicitor in Gerrards Cross especially if they are familiar with such properties in Gerrards Cross.