We are acquiring a newly built duplex in Cotswolds and my conveyancer is advising me that she has to the bank to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
After reading consumer advice sites for a conveyancing solicitor in Cotswolds, many comment that I must use a CQS assured lawyer. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing processes via the scheme protocol Membership includes many companies who conduct conveyancing in Cotswolds.
There are a variety of conveyancing solicitors in Cotswolds but how do I know who's good?
It would be unwise to be swayed by the cheapest Cotswolds conveyancing costs illustration. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
I currently have a mortgage with HSBC for my property in Cotswolds. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform HSBC?
HSBC must be informed of your intention prior to renting your property as this is likely to be a breach of HSBC’s mortgage conditions. It may be that HSBC will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel firm.
After what seems like an age I have had an offer on a maisonette in Cotswolds accepted, but there is a chain. The sellers have offered on on an apartment, but it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a high street conveyancing solicitor in Cotswolds. What do I do now? At what point do I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then valuation, Cotswolds conveyancing search fees, etc). First, you must ensure that your solicitor is on the RBS approved list. Concerning the subsequent steps this very much depends on the specifics of your transaction, attraction to the property and on the state of the market. During a hot market the majority of buyers would apply for the mortgage with RBS and arrange for the valuation and only if it comes back ok would they pay their conveyancing practitioner to press on with the conveyancing in Cotswolds.
How do I use the search app to choose a conveyancing practitioner in Cotswolds on the authorised to act for my mortgage?
First choose a bank such as Birmingham Midshires, Chelsea Building Society or Nottingham Building Society then choose your preferred area e.g. Cotswolds. Conveyancing organisations in Cotswolds and further afield will then be identified.
We're new to the buying process - agreed a price, but the property agent told us that the owners will only move forward if we appoint their recommended lawyers as they need an ‘expedited deal’. We would rather use a high street solicitor used to conveyancing in Cotswolds
We suspect that the seller is unaware of this requirement. Should the seller desire ‘a quick sale', alienating a motivated buyer is going to damage their objectives. Try to communicate with the sellers directly and make sure they comprehend that (a)you are motivated purchasers (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)but you intend to instruct your own,trusted Cotswolds conveyancing solicitors - not the ones that will earn their negotiator at the agency a referral fee or meet his conveyancing targets set by head office.
I’m about to sell my basement flat in Cotswolds. Conveyancing lawyers have not yet been instructed, however I have just received a quarterly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all ground rent and service charges will be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
Leasehold Conveyancing in Cotswolds - Sample of Questions you should consider Prior to buying
Does the lease have more than 85 years remaining? Who takes responsibility for maintaining and repairing the block?