My wife and I have just acquired a property in Lakenham. We have since encountered a number of problems with the house which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the nature of searches that needed to have been carried out as part of conveyancing in Lakenham?
The question is vague as what problems have arisen and if they are specific to conveyancing in Lakenham. Conveyancing searches and due diligence undertaken during the buying process are carried out to help avoid problems. As part of the process, a property owner completes a document known as a Seller’s Property Information Form. answers proves to be inaccurate, you could possibly take legal action 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 Lakenham.
Is there a reason why leasehold purchase conveyancing in Lakenham is more expensive?
Lakenham leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
This question may be naive but I am unexperienced as a first time purchaser of a ground floor flat in Lakenham. Do I pick up the keys to the house on the completion date from my conveyancer? If so, I will instruct a local conveyancing solicitor in Lakenham?
There is no need to visit the lawyers office on the day of completion. Your solicitors will transfer the completion advance to the vendor’s conveyancers, and once they have received this, you should be able to pick up the keys from the property Agents and start moving into the property. This tends to happen between 1 and 3pm.
I am expecting a OIP from Nottingham this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Lakenham solicitors on the Nottingham conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Lakenham solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I have a mortgage with Clydesdale for my property in Lakenham. Conveyancing was finalised 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale before renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
Should my conveyancer be asking questions about flooding during the conveyancing in Lakenham.
Flooding is a growing risk for lawyers conducting conveyancing in Lakenham. There are those who buy a property in Lakenham, completely expectant that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to impart advice on flood risk, but there are a number of checks that can be carried out by the buyer or by their lawyers which can give them a better understanding of the risks in Lakenham. The standard information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to determine whether the property has suffered from flooding. In the event that the residence has been flooded in past and is not disclosed by the seller, then a purchaser could issue a compensation claim as a result of such an misleading reply. A purchaser’s lawyers may also commission an environmental report. This should indicate whether there is a recorded flood risk. If so, further investigations should be carried out.
It has been 2 months since my purchase conveyancing in Lakenham concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 property 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.
We are in the process of buying a apartment in Lakenham. Can our lawyer keep our transaction price a secret from the likes of Zoopla. what can I do to ensure this is not noted?
HM Land Registry are legally obliged to note price sold data on the official title for residential properties countrywide including premises in Lakenham. The Title Register is an open document, so the Land Registry would be breaching their statutory obligations if they did not allow access to the register.
In essence you can ask HM Land Registry to withhold the price paid data however the response will be a No.