I am under pressure from the seller of a property in Wythenshawe to exchange within four weeks. What can I do to speed up matters?
In a situation where the seller is applying a tight deadline to complete it is highly recommended that your conveyancer is familiar with the area as they will benefit local relationships and know-how. It is possible that they may have transacted previoushomes in the same neighbourhood. You would be best advised to use a Wythenshawe conveyancing lawyer. Second, be sure that the lawyer is on the member panel. It is understood that nearly one in five of Wythenshawe conveyancing deals are suspended or derailed after discovering a buyer’s lawyer was not on their mortgage lender’s panel. This can often result in the home move being held up by as much as three weeks. It is believed that this issue affects approximately one hundred thousand home moves every year. Many Wythenshawe conveyancing practices can not act for certain mortgage companies so do check at the outset.
Are the Wythenshawe conveyancing solicitors identified as being on the Coventry BS conveyancing panel, together with their details provided by Coventry BS?
Wythenshawe conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Wythenshawe with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I'm buying my first flat in Wythenshawe with a loan from Bank of Ireland. The builders would not budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not reveal to my solicitor about the deal as it would adversely affect 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 ground for flat up to £245,000 and found one close by in Wythenshawe I like with open areas and station nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Wythenshawe suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Am I right to be concerned about brokers that I am dealing with are suggesting a national conveyancing firm as opposed to a local Wythenshawe conveyancing company?
As with lots of service providers, often input from connections can be extremely useful or valuable. Yet there are lots of parties with a vested interest in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend solicitors to use. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the discretion to choose your own conveyancer. You need to be aware that some banks have an approved list of lawyers you are obliged to use for the mortgage related work in your transaction.