I require conveyancing for an apartment in a fairly new development (five years built) in Beddington. The vast majority the flats are already occupied. Do I need carry out the conveyancing searches as part of conveyancing in Beddington?
If you getting a loan, your lender will need some (many) of the searches so you'll have no choice. If not, then Beddington conveyancing searches are for you to decide upon. No doubt your conveyancer, will ’encourage’, perhaps in the strongest possible terms, that you should not go ahead without searches, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you choose to instruct your lawyer to proceed without searches then your lawyer will have to follow your instructions or it may be necessary to instruct a new lawyer for your conveyancing in Beddington.
We wanted to use a conveyancing solicitor in Beddington for our home move. Our financial adviser has since advised us that our mortgage lenders Virgin Money won't deal with them. Why is this not regarded as unfair competition?
Before the recession most mortgage companies had an appetite for risk which was higher than today. Almost all Beddington conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 carried out a thematic review into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms relating to their operations and their employees as well as establishing certain criteria such a completing on a minimum number of conveyancing. Many Beddington conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Beddington is one of the many locations where the solicitors showing on our search results are on the panel for Virgin Money.
three months have gone by since my purchase conveyancing in Beddington completed. I have checked the Land Registry website 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 residence 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 a new build house in Beddington benefiting from help to buy. The developers would not budge the price so I negotiated £7000 of extras instead. The house builders rep told me not inform my lawyer about this side-deal as it would jeopardize my mortgage with the bank. Is this normal?.
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.
I am looking for a ground for flat up to £235,500 and identified one round the corner in Beddington I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Beddington for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Discount 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 twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Me and my husband are selling a Beddington property left to us 8 years ago in 2009. I have over ten years conveyancing knowledge and, now retired, wish to carry out my own legal work. The buyer's conveyancing practitioner has informed me that their bank will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.
Mortgage requirements to property lawyers from all CML members specify that If the vendor does not have legal representation the buyer’s lawyers should check whether the bank needs to be told so that a decision can be reached as to whether or not they are prepared to progress.