Why do I have to pay up front when it comes to conveyancing in Penn?
If you are buying a property in Penn your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the Local Authority Search. If any down payment is as part of the total price then this will be required shortly before contracts are exchanged. The closing balance that is needed should be sent to your lawyer a few days prior to the completion date.
My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Penn. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
Given you intend to re-mortgage then Skipton will require that you use a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
4 months have gone by following my purchase conveyancing in Penn concluded. I have checked the Land Registry website which shows that I paid £200,000 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.
I am buying a new build house in Penn with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of extras instead. The property agent suggested that I not reveal to my lawyer about the side-deal as it will adversely affect my mortgage with the lender. 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 flat up to £245,000 and found one close by in Penn I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. I can't really find anything else in Penn for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years may be an issue. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I am soon to exchange on the purchase a property in Penn but as a consequence of damage from the recent storms I have agreed compensation from the owner of £2k in the form of a reduction in the price. I had intended this to be addressed as part of the conveyancing process but my lender will not permit this. Should they have been involved?
The conveyancing practitioner being on the mortgage company approved list is duty bound to disclose to the lender of any changes to the sale price. In the event that you did not allow your lawyer to disclose the reduction to your mortgage company then they would need to disinstructing themselves from acting for you and the lender.