My wife and I are soon to exchange on the purchase of a property in Cowbridge but as a result of wreckage from the recent storms I have was able negotiate recompense from the vendor in the sum of £3k in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Kent Reliance will not agree to this. Should they have been informed?
The conveyancer being on a Kent Reliance approved list is obliged to disclose to Kent Reliance of any variations to the purchase price. If you were to refuse your lawyer to report the price change to Kent Reliance then they would have to discontinue acting for you. In addition, Kent Reliance and you would have to appoint a new conveyancing practitioner for your conveyancing in Cowbridge.
I am purchasing a new build flat in Cowbridge. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Cowbridge you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cowbridge.
Is it the case that all Cowbridge CQS (Conveyancing Quality Scheme) solicitors are on the Clydesdale conveyancing list of approved practices?
A selection of lenders now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of conveyancing solicitors.
When it comes to mortgage companies such as TSB, do Cowbridge lawyers have to pay a fee to be on the conveyancing panel?
We are unaware of any bank fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
My wife and I are in the throws of viewing flats in Cowbridge and I am now considering a potential offer. Should I already have a conveyancer in place at this stage? I intend to finance via a home loan with Aldermore.
It would be sensible to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are getting a mortgage with Aldermore, make sure you remember to check that your lawyer is on the Aldermore conveyancing panel.
Are there restrictive covenants that are commonly identified as part of conveyancing in Cowbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Cowbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Cowbridge benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my solicitor about the extras as it could put at risk my loan with Halifax. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a flat up to £245,000 and found one near me in Cowbridge I like with open areas and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Cowbridge suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.