My wife and I are about to complete on the purchase of a house in Penn but as a result of damage from a small fire at the property I have was able negotiate recompense from the vendor of three thousand pounds by way of a reduction in the price. This was going to be dealt with as part of the conveyancing process but Nationwide will not agree to this. Why were they notified?
Any solicitor being on the Nationwide approved list is duty bound to advise Nationwide of any amendments to the sale price. If you were to refuse your conveyancing practitioner to notify the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancer for your conveyancing in Penn.
Finally the sale completed on my house in Penn last March but the buyer keeps e-mailing daily to say his lawyer needs to hear from mylawyer. What are the post completion sale legalities following completion?
Following your house sale your solicitor is obliged to forward the transfer documentation and all of the paperwork to the purchaser's solicitors. Where appropriate, your lawyer must also confirm that the mortgage has been discharged to the buyers conveyancers. There are no post completion procedures specific conveyancing in Penn.
The deeds to our property are lost. The conveyancers who did the conveyancing in Penn 4 years ago have long since closed. What do I do?
Gone are the days when you need to hold title official documentation to establish that you are the owner of your registered land or premises, as the Land Registry have everything they need in a digital format.
How does conveyancing in Penn differ for new build properties?
Most buyers of new build or newly converted property in Penn approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Penn tend to acquire the land, 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 Penn or who has acted in the same development.
Am I right to be concerned by estate agents that I am dealing with are recommending a factory type conveyancing firm rather than a local Penn conveyancing firm?
As with many service providers, often referrals from relatives can be extremely useful or valuable. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all recommend conveyancers to choose. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there may be a commercial relationship behind the endorsement. You have the right to select your own lawyer. You need to be aware that many banks operate an approved list of law firms you must use for the lender related work in your transaction.
I am hoping to exchange soon on a basement flat in Penn. Conveyancing solicitors inform me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Penn should include some of the following:
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The physical ownership of the demise. This will be the property itself but might include a attic or basement if applicable. How long the lease is. You should be advised as what happens when the lease ends, and aware of the importance of not letting the lease term falling below eighty years Does the lease require carpeting throughout thus preventing wood flooring? What the implications are if you have violated the provisions of the lease? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice?
I inherited a 1 bedroom flat in Penn, conveyancing was carried out 9 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Penn with over 90 years remaining are worth £176,000. The ground rent is £50 yearly. The lease finishes on 21st October 2105
With just 80 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.