Do commercial conveyancing searches reveal proposed roadworks that could impact a commercial estate in Nottingham?
Many commercial conveyancing solicitors in Nottingham will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Nottingham. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Nottingham.
For each commercial conveyancing transaction in Nottingham it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may cause delays to Nottingham commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not carried out for domestic conveyancing in Nottingham.
five months have gone by since my purchase conveyancing in Nottingham concluded. I have checked the Land Registry site which shows that I paid £150,000 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 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.
How does conveyancing in Nottingham differ for new build properties?
Most buyers of new build property in Nottingham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Nottingham typically 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 used to new build conveyancing in Nottingham 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 near me in Nottingham I like with a park and transport links nearby, however it only has 51 years on the lease. I can't really find anything else in Nottingham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
Am I right to be concerned by 3rd parties that I am dealing with are suggesting an internet conveyancing firm rather than a High Street Nottingham conveyancing practice?
As with lots of professional services, often referrals from family and friends can be most helpful. But there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all put forward lawyers to appoint. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You are at liberty to choose your own conveyancer. However, bear in mind that most banks have an approved list of law firms you must use for the lender aspect of your conveyancing.
My financial adviser has recommended their lawyer for our conveyancing in Nottingham - Surely it’s better to just use them?
This is not necessarily the case and you are free to opt for whichever lawyer you decide for your Nottingham conveyancing. The conveyancer suggested by a 3rd party adviser may not necessarily be the right property lawyer, they may recommend their preferred conveyancing firm who are based remotely. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.