Me and my partner are soon to exchange on the purchase of a property in Collier Row but as a result of damage from the recent storms I have was able negotiate recompense from the owner in the sum of six thousand pounds by way of a reduction in the price. This was going to be addressed as part of the conveyancing process but HSBC are not allowing this. Why were they notified?
Any solicitor being on a HSBC conveyancing panel is obliged to disclose to HSBC of any variations to the purchase price. If you were to refuse your conveyancing practitioner to disclose the price change to HSBC then they would have to discontinue acting for you. In addition, HSBC and you would have to appoint a new conveyancer for your conveyancing in Collier Row.
Will conveyancers request an advanced payment for conveyancing in Collier Row?
Where you are retaining lawyers for conveyancing in Collier Row your solicitor will ask you place them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the down payment is as part of the purchase price then this will be asked for immediately in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days ahead of the completion date.
My solicitor has informed me that absentee landlord insurance is needed on my purchase. What is the level of cover for Collier Row conveyancing?
The right level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Nationwide Building Society and Skipton Building Society. Conveyancing lawyers as opposed to borrowers take out such insurances.
I am currently in the process of buying my council flat in Collier Row. I have a mortgage offer with Clydesdale. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Clydesdale, you will need to appoint a solicitor on the Clydesdale conveyancing panel.
I am selling my flat. I had a double glazing fitted in September 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, TSB are being difficult. The Collier Row solicitor who is on the TSB conveyancing panel is happy to accept ‘lack of building regulation’ insurance but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in Collier Row differ for newly converted properties?
Most buyers of new build or newly converted property in Collier Row come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Collier Row usually buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Collier Row or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Collier Row I like with a park and transport links in the vicinity, however it only has 49 remaining years left on the lease. There is not much else in Collier Row suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am in the process of buying my 1st property in Collier Row. Conveyancing solicitor has been instructed. The mortgage adviser pointed out that a survey is not appropriate as the house was only constructed in 2001.
At the very least you should have a Home Buyer's Report. Given the premises was built more than a decade ago the property will not benefit from a warranty, so you would be well advised not to take a risk. For a property that age with no signs of defects a Home Buyer's report could be sufficient. The report should highlight any obvious issues and recommend further investigation where appropriate. If there are any indications of problems obtain a full structural survey.