2 months have gone by following my purchase conveyancing in Hyde Park completed. I have checked the Land Registry website which shows that I paid £150,000 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.
How does conveyancing in Hyde Park differ for newly converted properties?
Most buyers of new build residence in Hyde Park approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Hyde Park typically 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 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 accustomed to new build conveyancing in Hyde Park or who has acted in the same development.
I decided to have a survey carried out on a property in Hyde Park prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some lenders will refuse to give a mortgage on a flying freehold home.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. Should you wish to telephone us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hyde Park. Conveyancing may be slightly more expensive based on your lender's requirements.
What is different about your site and other internet conveyancing solicitors when it comes to conveyancing in Hyde Park?
At this site secure a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Hyde Park. Unlike many estate agents and brokerage sites we do not charge firms a commission if you appoint them for your conveyancing in Hyde Park
In relation to leasehold conveyancing in Hyde Park what are the most frequent lease problems?
There is nothing unique about leasehold conveyancing in Hyde Park. Most leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the premises
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Hyde Park Conveyancing for Leasehold Flats - Examples of Questions you should consider Prior to Purchasing
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How many years are left on the lease? Make sure you enquire if there are any onerous restrictions in the lease. For example it is fairly common in Hyde Park leases that pets are not permitted in certain buildings in Hyde Park. If you like the propertyin Hyde Park however your cat is not allowed to make the move with you then you will be presented with a hard decision. Are there any major works anticipated that will add a premium to the service fees?
Our lawyer in Hyde Park has discovered a defect with the lease for the flat we are purchasing in Hyde Park. The other side have put forward title insurance as a workaround. We are content with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must be satisfied that the lender is happy with this solution. Are we the client or is the mortgage company?
Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Hyde Park conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the lender conveyancing panel who has to balance acting for you and the bank