We are soon to exchange on the purchase of a property in Arkley but as a result of damage from the recent storms I have managed to agree compensation from the owner in the sum of £2k in the form of a deduction in the price. I had intended this to be addressed as part of a side agreement however Santander will not permit this. Should they have been involved?
Any conveyancing practitioner being on the Santander conveyancing panel is obliged to inform Santander of any amendments to the purchase price. If you were to refuse your property lawyer to report the price change to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new lawyer for your conveyancing in Arkley.
Why do I have to pay up front for conveyancing in Arkley?
Where you are retaining lawyers for conveyancing in Arkley your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the down payment is payable against the sale price then this will be asked for shortly in advance of exchange of contracts. The final balance that is due will be payable a couple of days ahead of the completion date.
Intending to buy a flat in Arkley. 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 Nationwide 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 Arkley solicitor is on the Nationwide conveyancing panel.
I have instructed a Arkley conveyancer having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Arkley postcode. As you are getting a mortgage with UBS, you could contact them to see if they have a list of approved surveyors in Arkley.
Leeds Building Society have agreed my home loan in principle, my offer on a property in Arkley has been accepted, what are the next steps?
The estate agent will need to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Telephone Leeds Building Society or your financial adviser and complete any outstanding forms. Leeds Building Society will appoint a valuer who will get in touch with the estate agent or vendor to arrange an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Arkley.
Are there restrictive covenants that are commonly picked up during conveyancing in Arkley?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Arkley. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Arkley with the aid of help to buy. The sellers would not budge the price so I negotiated 6k of extras instead. The sale representative advised me not to tell my lawyer about this side-deal as it may impact my mortgage with the bank. Should I keep quiet?.
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.
Am I right to be suspicious about third parties that I am dealing with are suggesting a factory type conveyancing firm as opposed to a local Arkley conveyancing firm?
As is the case with lots of service providers, often recommendations from connections can be extremely useful or valuable. But there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all put forward solicitors to select. Sometimes the lawyers might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the recommendation. You have the right to choose your preferred conveyancer. You need to be aware that most lenders specify a panel list of solicitors you have to use for the mortgage aspect of your home move.