What is the first thing I need to know concerning purchase conveyancing in Liphook?
Not many law firms or advisers will tell you this but conveyancing in Liphook and elsewhere in Hampshire is often a confrontational process. Put another way, when it comes to conveyancing there is plenty of room for friction between you and other parties involved in the legal transfer of property. For instance, the vendor, estate agent and on occasion a mortgage company. Appointing a solicitor for your conveyancing in Liphook is a critical decision as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to look after your legal interests and to keep you safe.
Sometimes a potential adversary may try and convince you that you should follow their advice. For example, the property agent may claim to be assisting by claiming that your conveyancer is dragging his heels. Or your financial adviser may tell you to do something that is contrary to your lawyers guidance. You should always trust your lawyer above all other parties in the home moving process.
We're in Liphook, FTBs purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
four months have gone by since my purchase conveyancing in Liphook took place. I have checked the Land Registry site which shows that I paid £175,000 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 premises 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 Liphook differ for new build properties?
Most buyers of new build or newly converted property in Liphook approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Liphook tend to 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 conveyancing solicitors 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 Liphook or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one round the corner in Liphook I like with amenity areas and station nearby, however it only has 52 years unexpired on the lease. There is not much else in Liphook in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I have just appointed agents to market my basement flat in Liphook. Conveyancing has not commenced, however I have recently had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all rents and service invoices should be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Liphook Leasehold Conveyancing - A selection of Queries before Purchasing
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The best form of lease arrangement is a share of the freehold. In this scenario the lessees have being in charge if their destiny and notwithstanding that a managing agent is often retained if it is larger than a house conversion, the managing agent is directed by the tenants. Does the lease have in excess of 90 years remaining? Is there a share of the freehold?