Our conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Ludgershall. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will pay for it. Our conveyancing practitioner has advised that he must be satisfied that the mortgage company is happy with this solution. Who is the client here, us or the bank?
Regardless of the fact that you have a mortgage offer from the mortgage company does not mean to say that the property will meet their requirements for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the lender are the client. These conveyancing instructions must be adhered to.
five months have elapsed following my purchase conveyancing in Ludgershall took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. 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.
How does conveyancing in Ludgershall differ for newly converted properties?
Most buyers of new build property in Ludgershall contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Ludgershall usually acquire the real estate, 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 used to new build conveyancing in Ludgershall or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in Ludgershall I like with a park and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Ludgershall suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage that many years may be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
How do I use the search app to locate a conveyancing lawyer in Ludgershall on the approved list for my lender?
Step one is to pick a bank such as Accord Mortgages Ltd, Barnsley Building Society or Barclays Direct then specify your location for instance Ludgershall. Conveyancing organisations in Ludgershall and further afield should be identified.
A licensed conveyancer dealt with my conveyancing in Ludgershall half a dozen years past and was holding my registration certificates but has now closed – What steps do I now take to get hold of these?
Deeds, as such, no longer exist as the majority of properties in Ludgershall are recorded electronically at Land Registry. If you need to establish ownership or are selling or refinancing your property lawyer should obtain up to date copies of the register from the Land Registry in any case.
If you feel there may be other documents or you have any other queries please e-mail your request with details of the transaction and documents you need to filerequest@clc-uk.org. The CLC will let you know what information they have and any additional information they may need before they are in a position to identify and send the documents to you. Following an intervention it may take some time for the CLC to access archived files and documents, but your request will be actioned as quickly as possible.