Having sold my house in Somerset last September but our buyer keeps calling daily to moan that his lawyer is waiting to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your conveyancer is committed to deliver the transfer documentation and all supplemental paperwork to the buyer’s conveyancer. Where relevant, your solicitor should also send confirmation that the legal charge in favour of the lender has been paid off to the buyers solicitors. There are no post completion procedures peculiar conveyancing in Somerset.
Will our solicitor be making enquiries concerning flooding during the conveyancing in Somerset.
The risk of flooding is if increasing concern for solicitors dealing with homes in Somerset. Plenty of people will purchase a house in Somerset, completely expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the purchaser or by their conveyancers which should figure out the risks in Somerset. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard question of the seller to determine if the premises has suffered from flooding. In the event that flooding has previously occurred and is not disclosed by the vendor, then a purchaser could commence a claim for damages as a result of such an misleading answer. A buyer’s conveyancers will also carry out an enviro search. This will reveal whether there is a recorded flood risk. If so, additional inquiries will need to be made.
It has been 4 months since my purchase conveyancing in Somerset completed. 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 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.
I am purchasing my first flat in Somerset with a mortgage from Aldermore. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about this extras as it may impact my loan with the bank. Should I keep quiet?.
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.
Do I need to be concerned about 3rd parties that I am dealing with are encouraging me to use a national conveyancing firm rather than a local Somerset conveyancing company?
As is the case with lots of professional services, often recommendations from connections can be worth their weight in gold. Yet there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may put forward lawyers to select. Sometimes these solicitors might be known to one of the organisations as one of the best in their field, but sometimes there may be a financial incentive behind the recommendation. You are at liberty to select your preferred lawyer. You need to be aware that the majority of banks operate an approved list of lawyers you are obliged to use for the lender aspect of your conveyancing.