I am about to complete on the purchase of a property in Cricklewood but as a result of damage from a small fire at the property I have was able negotiate compensation from the seller in the sum of three thousand pounds by way of a deduction in the price. This was going to be addressed as part of a side agreement yet Virgin Money are not allowing this. Why were they informed?
Your lawyer that is on the Virgin Money conveyancing panel is required to advise Virgin Money of any changes to the sale price. If you prohibit your property lawyer to notify the reduction to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Cricklewood.
Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Conveyancing panel ahead of completing my conveyancing in Cricklewood?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
A colleague advised me that if I am purchasing in Cricklewood I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Cricklewood conveyancing searches. It is not a small report of about 40 pages, listing and detailing significant information about Cricklewood around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Cricklewood Education with plans and statistics, Local Amenities and other useful information about Cricklewood.
five months have elapsed since my purchase conveyancing in Cricklewood concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. 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 selling my property. My past conveyancers have shut. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Cricklewood if that affects matters.
Do use our search tool to help you find a solicitor for your conveyancing in Cricklewood. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs smoothly.