We are purchasing our first home. The conveyancer has contact usto enquire if we wish to take out additional conveyancing searches. We are really unsure what's appropriate for conveyancing in Elephant and Castle
The scope of Elephant and Castle conveyancing searches depends entirely on the property, the location, the possibility of any of these risks, your familiarity of the area and risks, your general approach to risk. What is important is that you properly comprehend what information the searches could supply. You may then make a decision if you personally think you need that search. If in doubt, ask the property lawyer to advise.
We're in Elephant and Castle, First timers purchasing with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Will my lawyer be raising enquiries about flooding as part of the conveyancing in Elephant and Castle.
The risk of flooding is if increasing concern for lawyers dealing with homes in Elephant and Castle. Plenty of people will acquire a property in Elephant and Castle, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or on a buyer’s behalf which should figure out the risks in Elephant and Castle. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a usual question of the vendor to discover if the property has suffered from flooding. If the residence has been flooded in past and is not notified by the owner, then a buyer could commence a compensation claim resulting from an misleading reply. The buyer’s solicitors may also commission an enviro report. This will reveal whether there is any known flood risk. If so, further investigations will need to be conducted.
It has been 4 months since my purchase conveyancing in Elephant and Castle completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. 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 premises 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Elephant and Castle is where the house is located. Is there any advice you can impart?
Flying freeholds in Elephant and Castle are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Elephant and Castle 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 Elephant and Castle may determine 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.