My wife and I are hoping to purchase a property in Leyburn and have instructed a Leyburn conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Alliance & Leicester have this morning contacted us to inform me that they have now hit a problem as our Leyburn lawyer is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Leyburn solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.
Completed the sale of my flat in Leyburn last January but the buyer keeps e-mailing me to say their conveyancer is waiting to hear from myconveyancer. What are the post completion sale formalities following completion?
Following your disposal your conveyancer is obliged to send the transfer deeds and all additional paperwork to the buyer’s solicitors. Where relevant, your conveyancer should also evidence that the home loan has been redeemed to the buyers lawyers. There are no post completion tasks unique to conveyancing in Leyburn.
It has been 4 months since my purchase conveyancing in Leyburn completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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.
Just had an offer accepted on a new build apartment in Leyburn. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Leyburn
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Leyburn is the location of the property. Can you shed any light on this issue?
Flying freeholds in Leyburn are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Leyburn you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Leyburn may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable price which is making it more attractive. I have since been informed that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Leyburn. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?
The majority of houses in Leyburn are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are buying in Leyburn in which case you should be shopping around for a Leyburn conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.