My wife and I are planning to buy a property in White City and are in fact using a White City conveyancing firm. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. The Mortgage Works have this evening contacted us to advise us that they have now hit a problem as our White City lawyer is not on their approved list of lawyers. What do we do from here?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred White City lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am purchasing a property mortgage free in White City. I have been residing for the last Seventeen years in White City. Conveyancing searches are expensive. As I know the area and road very well must I have all the conveyancing searches?
If you not getting a mortgage, then all but one or two of the White City conveyancing searches are optional. Your conveyancer will 'advise', no-doubt strongly, that you should have searches carried out, but he has a professional duty to do this. Do consider; if you are intend to sell the house in the future, it could be of interest to your future buyer what the searches disclose. On occasion properties with day to day issues can still throw up unpredicted search results. A good conveyancing solicitor in White City will provide you some practical guidance concerning this.
four months have gone by following my purchase conveyancing in White City took place. I have checked the Land Registry site 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 property 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.
About to purchase a new build flat in White City. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in White City
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. White City is where the house is located. Is there any guidance you can impart?
Flying freeholds in White City are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in White City you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in White City may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.