It is a dozen years since I acquired my house in Somersham. Conveyancing solicitors have now been retained on the sale but I can't find my title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be with the lender or they may still be with the solicitor who handled your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Somersham involves registered property but in the unlikely event that your home is unregistered it is more tricky but is not insurmountable.
My bid for a property was accepted at auction in Somersham. Conveyancing is required. What are my next steps?
Now that you have legally bound yourself to purchase you must choose a conveyancing lawyer soon as you are faced with a pending a drop dead date to complete the conveyancing. All auction property will ordinarily have a bespoke legal pack. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation pertinent to a leasehold property. You need to pass this on to the conveyancer working for you as soon as possible. Do make sure that you have funds organised to complete the transaction on the set completion date.
I am being told by my conveyancer that flying freehold insurance is necessary on my purchase. What is the level of cover for Somersham conveyancing?
The right level of flying freehold indemnity insurance depends on your lender. It would differ for example between Yorkshire Building Society and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such insurances.
We are getting a further advance on our home loan from Leeds Building Society as we intend to conduct alterations to our house in Somersham. Do we need to select a nearby Somersham solicitor on the Leeds Building Society conveyancing panel to deal with the paperwork?
Leeds Building Society don't usually instruct firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Leeds Building Society panel.
What does a local search tell me regarding the house I am buying in Somersham?
Somersham conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search plays a central part in many a Somersham conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
three months have elapsed following my purchase conveyancing in Somersham concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £180,000. 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 a new build house in Somersham with a mortgage from The Mortgage Works. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep advised me not to tell my lawyer about this deal as it will affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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 opted to have a survey done on a house in Somersham ahead of instructing lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some lenders may refuse to grant a mortgage on a flying freehold property.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you e-mail us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Somersham. Conveyancing may be slightly more expensive based on your lender's requirements.