I am acquiring a property for cash in Chesterfield. I have been residing for the last twelve years in Chesterfield. Conveyancing searches are exorbitant. Given that I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Chesterfield conveyancing searches are at your discretion. Your solicitor will try and steer you, perhaps strongly, that you should have searches completed, but she has a professional duty to take that path of guidance. One thing to take into account; if you are likely to sell the house in the future, it could be of interest to your future purchaser what the searches contain. On occasion premises with apparent issues can still throw up adverse search results. A competent conveyancing solicitor in Chesterfield will be able to give you some sensible guidance here.
I am the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Chesterfield. The Chesterfield property was put into my name in March. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be treated the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. How sensible a view mortgage companies take of it, depend on the lender as this provision chiefly exists to identify the purchase and immediately sell or the flipping of property.
We had instructed solicitors located in Chesterfield on the Santander solicitor panel. They are now charging me a further fee for handling the Santander mortgage. Is this a supplemental conveyancing fee set by Santander?
Unfortunately, as long as it is in their Terms and Conditions or estimate then yes your property lawyer may levy a fee for this. The charge is not dictated by Santander but by your Chesterfield solicitor. Plenty of firms on the Santander panel will levy an ‘acting for lender’ fee and others do not.
Planning on purchasing a house in Chesterfield. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Chesterfield solicitor is on the Leeds Building Society conveyancing panel.
I have been told that property searches are a common cause of stalling in Chesterfield house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Local searches are unlikely to be the root cause of slowing down conveyancing in Chesterfield.
I am purchasing my first flat in Chesterfield with the aid of help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not reveal to my lawyer about this side-deal as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Chesterfield I like with a park and station nearby, however it only has 51 years on the lease. There is not much else in Chesterfield in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage that many years may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
My wife and I have had DIP from Yorkshire Building Society who said that they will lend up to £218k. At what point do I need to appoint a practitioner for conveyancing? Chesterfield is where we are buying.
You can appoint a conveyancer now and ask them to generate a file on your behalf. This will kickstart: 1) the estate agent to issue a Sales Memorandum to all parties 2) the seller’s conveyancing practitioner to submit the draft contract. However, do not ask your lawyer to order searches until you receive your valuation report from Yorkshire Building Society and you are willing to proceed.