We are hoping to buy a 2 bedroom apartment in Peterborough with a mortgage. We wish to retain our Peterborough solicitor, however the lender says she’s not on their "panel". It appears that we have no option but to use one of the bank panel conveyancing practices or retain our Peterborough conveyancer as well as pay for one of their panel ones to act for them. We feel that this is unjust; can we not insist that the bank use our Peterborough lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Peterborough conveyancing lawyer to apply to be on the conveyancing panel.
We note that you have a post code search directory listing law firms on the Lloyds conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Peterborough?
We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Peterborough.
It has been five months following my purchase conveyancing in Peterborough took place. 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.
How does conveyancing in Peterborough differ for new build properties?
Most buyers of new build property in Peterborough approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Peterborough usually buy 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 conveyancers 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 accustomed to new build conveyancing in Peterborough or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Peterborough I like with a park and station in the vicinity, however it only has 51 years unexpired on the lease. There is not much else in Peterborough suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.
I am in need of some leasehold conveyancing in Peterborough. Before I get started I want to be sure as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Peterborough - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Peterborough - Examples of Queries Prior to buying
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How many years are left on the lease? You should want to discover as much as you can about the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day matters like the upkeep of the communal areas. Enquire of other people whether they are happy with their management. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. What prohibitions are contained in the Peterborough Lease?