I am purchasing a property for cash in Lowestoft. I have lived for the previous dozen years in Lowestoft. Conveyancing searches are a lot of money. Given that I know the area and road intimately must I have all the conveyancing searches?
If you not getting a home loan, then the vast majority of the Lowestoft conveyancing searches are at your discretion. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches done, but she has a professional duty to do this. Do consider; if you are intend to sell the house at a future date, it could be of importance to your prospective buyer what the searches contain. On occasion houses with no practical issues can still throw up adverse search results. A good conveyancing solicitor in Lowestoft will be able to give you some sensible guidance in this regard.
The Lowestoft conveyancing solicitors that I appointed last week on my purchase in Lowestoft have without warning shut down. They were on acting for me because I had to have a lawyer on the Nottingham conveyancing panel and my family Lowestoft lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
If you have an estate agent involved then let them know straight away so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Nottingham conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
It has been four months since my purchase conveyancing in Lowestoft concluded. I have checked the Land Registry site which shows that I paid £200,000 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 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.
I'm purchasing my first flat in Lowestoft with a mortgage from Bank of Ireland. The developers refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it will jeopardize my loan with Bank of Ireland. Should I keep quiet?.
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.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Lowestoft I like with open areas and transport links nearby, the downside is that it's only got 51 years on the lease. There is not much else in Lowestoft for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
A couple of months ago I was told by my lender that their panel solicitors work on no sale no charge basis for conveyancing in Lowestoft. I had a purchase fall through and now the conveyancers have invoiced for search fees! They say the fees are nothing to do with their fees!
in promising "no move no fee" Lowestoft conveyancing practices are foregoing their charges for any work carried out. We should point out that this is not to be regarded as an insurance scheme. Disbursements aren’t covered – where the lawyer have to pay money out to third parties, for example Lowestoft local search fees