We instructed a local lawyer for our conveyancing in Buckfastleigh and Dean recently. Upon checking the Terms and Conditions it is apparent thatwe are responsible for charges even if the sale aborts. Should I go with them or use a web based firm promoting no-sale-no-fee conveyancing in Buckfastleigh and Dean?
It is usually ‘give and take’ in that if "No Sale No Fee" is advertised then the fee levels will tend to be be more expensive to cover those transactions that do not proceed. Do bear in mind that such promotions tend not to cover disbursements for instance Buckfastleigh and Dean conveyancing search costs.
My partner and I intend to remortgage our apartment in Buckfastleigh and Dean with Principality. We have a son 19 who lives with us. Our solicitor requested us to identify any adults other than ourselves who lives in the flat. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this form unique to the Principality conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Principality conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality. This is solely used to protect Principality if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
How up to date is your search tool for Buckfastleigh and Dean conveyancing solicitors on the Yorkshire BS conveyancing panel? Do Yorkshire BS send you an updated list?
Buckfastleigh and Dean conveyancing firms themselves provide us confirmation that they are on the Yorkshire BS conveyancing panel as opposed to being supplied with a list from Yorkshire BS directly.
When it comes to mortgage companies such as Virgin Money, do Buckfastleigh and Dean property lawyers face an annual charge to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Buckfastleigh and Dean solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality 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. You may wish to consider appointing your own Buckfastleigh and Dean surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Virgin Money have agreed my home loan in principle, my bid on a property in Buckfastleigh and Dean has been agreed to, what happens next?
The property agent will need to be informed of your solicitor's details (be sure the property lawyers are on the lender’s panel). Contact Virgin Money or your financial adviser and finalise any outstanding forms. Virgin Money will instruct a valuer who will get in touch with the selling agent or owners to arrange a time for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. Virgin Money will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Buckfastleigh and Dean.
I am downsizing from our house in Buckfastleigh and Dean and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. A high street Buckfastleigh and Dean lawyer would know that there is no such problem. For the life of me I don't know why the buyers are using an online conveyancing outfit as opposed to a conveyancing solicitor in Buckfastleigh and Dean. We have lived in Buckfastleigh and Dean for many years we know that this is a non issue. Do we contact our local Authority to obtain confirmation that there is no issue.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I'm purchasing my first flat in Buckfastleigh and Dean benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not disclose to my solicitor about the side-deal as it could adversely affect my loan 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.