Me and my fiancee are acquiring our first home. Our conveyancer has contact usto check if we want to take out supplemental conveyancing searches. Frankly we in the dark as to what's appropriate for conveyancing in Matlock
The type of Matlock conveyancing searches should be dictated primarily on the property, the location, the likelihood of any of these risks, your knowledge of the locality and risks, your general attitude to risk. What is important is that you properly appreciate what information each search could provide. Then you can make a decision if you consider that you need that search. Should you be unsure, ask your lawyer to recommend.
I happen to be the only recipient of my late father’s estate with all property in now in my sole name, including the house in Matlock. The Matlock property was put into my name in November. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the property in November. Do I have to wait half a year to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view lenders take of it, depend on the bank as this requirement primarily exists to pick up on the purchase and immediately sell or the wholesaling and assigning of property.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Matlock conveyancer on the Bank of Ireland panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
I am currently in the process of buying my council flat in Matlock. I have a mortgage offer with Leeds Building Society. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
Will my lawyer be asking questions about flooding as part of the conveyancing in Matlock.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Matlock. Plenty of people will acquire a property in Matlock, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Lawyers are not qualified to impart advice on flood risk, however there are a various searches that can be initiated by the purchaser or by their solicitors which can figure out the risks in Matlock. The standard property information forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the vendor to discover whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the owner, then a purchaser could commence a claim for damages as a result of such an misleading answer. A buyer’s conveyancers may also order an environmental search. This should disclose whether there is a recorded flood risk. If so, further inquiries will need to be initiated.
three months have gone by following my purchase conveyancing in Matlock concluded. I have checked the Land Registry website 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 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.
I am buying my first flat in Matlock with a loan from Virgin Money. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The property agent suggested that I not to tell my conveyancer about this extras as it would impact my loan with the bank. Do I keep my lawyer in the dark?.
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 decided to have a survey completed on a house in Matlock prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. The surveyor advised that some lenders tend refuse to give a mortgage on such a house.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Matlock. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Matlock to see if the conveyancing will be more expensive.