At what point does exchange of contracts take place for purchase conveyancing in Romford and am I required to attend the lawyers branch?
Where you are round the corner to our conveyancing solicitors in Romford you are invited in to sign the paperwork. However, the firms we recommend supply countrywide coverage for conveyancing and give just as diligent and professional a job for you when communicating with you electronically. The signing of the sale agreement is not when everything is set in stone. A signed contract simply enables the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Romford)to be in the office at the appropriate time.
We wanted to use a conveyancing solicitor in Romford for our home move. Our financial adviser informed us that our bank Coventry Building Society won't deal with them. Surely this is unfair competition?
A mortgage company may direct that a panel solicitor act for it. Borrowers are liable to meet the cost of this. Do use our search facility to select a solicitor to conduct conveyancing in Romford on the Coventry Building Society approved list of solicitors.
A colleague pointed out to me me that in buying a property in Romford there may be a number of restrictions prohibiting external changes to a property. Is this right?
There are a number of properties in Romford which have some sort of restriction or requirement of consent to perform external variations. Part of the conveyancing in Romford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late father’s estate and I have everything in my name alone, including the my former home in Romford. Conveyancing formalities meant that the Land Registry date was in September. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be regarded the same way as though I had purchased the house in September. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Some banks would take a practical view as this obligation chiefly exists to capture the purchase and immediately sell or the wholesaling and assigning of property.
It is unclear whether my lender requires a lease extension. I have telephoned my Romford bank branch on a couple of occasions and was advised it wasn't a problem and they will lend. My Romford conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their published requirements. Who do I believe?
Provided that the solicitor is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook provisions for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
3 months have elapsed following my purchase conveyancing in Romford concluded. I have checked the Land Registry website which shows that I paid £200,000 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 residence 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.
At what stage do I cover the costs of stamp duty due for my purchase in Romford?
The lawyer will fill out a stamp duty return on your behalf as part of your Romford purchase transaction for signature. After completion your conveyancing practitioner will submit the Land Transaction Return Form to the Inland Revenue and - assuming they have the funds - discharge any Stamp Duty due for you.