My fiance and I are hoping to acquire a home in Bestwood and have instructed a Bestwood conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Lloyds TSB Bank have this morning contacted us to inform me that there is now an issue as our Bestwood solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Bestwood solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
I have given 2 months notice to my current landlord and must be out of my rented apartment in Bestwood by 10/9/2024. Conveyancing on my purchase is progressing. Is it possible to complete in 5 weeks as don't want to have to find temporary accommodation?
Generally one should not provide notice for your letting until exchange of contracts has taken place. Assuming that you have not already done so, update to your conveyancer and ask them to they seek the assistance the other lawyers, try to get a realistic time scale from them that everyone will work to achieve
Having sold my house in Bestwood last April but the buyer keeps whats apping every few hours complaining that her conveyancer needs to hear from mine. What are the post completion sale formalities now that I have sold?
Following your sale your conveyancer is committed to deliver the transfer documentation and all of the paperwork to the purchaser's lawyers. If applicable, your solicitor must also evidence that the legal charge in favour of the lender has been repaid to the buyers conveyancers. There are no post completion procedures peculiar conveyancing in Bestwood.
I'm buying a new build house in Bestwood with a mortgage from Birmingham Midshires. The sellers would not reduce the price so I negotiated £7000 of extras instead. The estate agent told me not to tell my solicitor about the side-deal as it would adversely affect my loan with Birmingham Midshires. 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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, no chain conveyancing. Bestwood is the location of the property. Can you offer any opinion?
Flying freeholds in Bestwood are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bestwood you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bestwood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have just started marketing my garden flat in Bestwood.Conveyancing solicitors are to be appointed soon however I have just received a yearly service charge demand – what should I do?
The sensible thing to do is discharge the invoice as usual given that all rents and maintenance charges will be apportionedas part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process