I have been told that property searches are the primary cause of obstruction in Looe house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Looe.
It has been four months since my purchase conveyancing in Looe concluded. I have checked the Land Registry website which shows that I paid £175,000 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 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 purchasing a new build house in Looe benefiting from help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not inform my conveyancer about this extras as it would impact my loan with Nottingham Building Society. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
In my capacity as executor for the estate of my uncle I am disposing of a residence in Newport but I am based in Looe. My conveyancer (based 235 miles from meneeds me to execute a statutory declaration ahead of completion. Can you recommend a conveyancing solicitor in Looe to attest and place their company stamp on the document?
strictly speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will be fine regardless of whether they are based in Looe
Can you offer any advice when it comes to appointing a Looe conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Looe conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with several firms including non Looe conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be of use:
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If the firm is not ALEP accredited then why not?
I am the registered owner of a split level flat in Looe, conveyancing having been completed 10 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Looe with an extended lease are worth £255,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2099
With just 73 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
My partner and I are acquiring a studio flat in Looe. When we first instructed lawyer, they assured us that they were on all major UK bank panels. The financial adviser contacted us today to advise that they are not on the Co-operative approved list. If it turns out to be true, what should we do? Should we simply find a new property lawyer that is on their panel or should we cover the costs for dual representation, with Co-operative appointing their own preferred solicitor.
When purchasing a property with the benefit of a mortgage it is conventional for the buyer’s solicitors to also act for the purchaser's lender. In order to act for a bank or building society a lawyer has to be on that lender's list of approved lawyers. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict criteria which the lawyer has to fulfill. Some banks now require their panel firms to be part of the Law Society’s Conveyancing Quality Scheme. Your conveyancer should call Co-operative to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on Co-operative's conveyancing panel and you may continue to use your own Looe solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.