I can't travel far from Eastleigh. I would like to know the understand why all Eastleigh conveyancing practitioners are not on all lender panels?
As unjust as it may seem for lenders to limit who can represent them, from the public’s or lawyer’s viewpoint, the other side of the coin is that lending institutions are becoming ever more anxious and regard it necessary to shield themselves against illegal activities. As a result of this concern mortgage companies have consolidated their conveyancing panel to a size that they are happy to control.
My husband and I are acquiring a brand new flat in Eastleigh and my lawyer is informing me that she is duty bound to the lender to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I would rather not delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Should our lawyer be raising questions about flooding during the conveyancing in Eastleigh.
The risk of flooding is if increasing concern for lawyers dealing with homes in Eastleigh. Some people will buy a house in Eastleigh, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not qualified to give advice on flood risk, however there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which should give them a better appreciation of the risks in Eastleigh. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to find out if the premises has ever been flooded. If flooding has previously occurred which is not disclosed by the seller, then a buyer could commence a compensation claim resulting from an incorrect answer. The purchaser’s lawyers will also order an environmental report. This will disclose if there is a recorded flood risk. If so, additional investigations should be conducted.
Have completed on a a detached house in Eastleigh , how long should it take for the Land Registry to deal with the formalities evidencing my title? My Eastleigh conveyancing solicitor has been very slow, so I want to check that my name is registered.
As far as conveyancing in Eastleigh registration is no quicker or slower than anywhere else in the country. Rather than based on location, timescales can differ according to who lodges the application, whether it is in order and if the Land registry communicate with any interested persons or bodies. As of today approximately 80% of submission are fully dealt with within 12 days but occasionally there can be extensive delays. Historically registration is effected after the buyer is living at the premises therefore an expedited registration is not always primary concern yet if it is urgent that the the registration takes place urgently then you or your solicitor should speak with the land registry and explain the circumstances.
I am buying my first flat in Eastleigh with a mortgage from Accord Mortgages Ltd. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about this extras as it will put at risk my loan with Accord Mortgages Ltd. Is this normal?.
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.
Why am I unable to complete my conveyancing in Eastleigh on May bank holiday?
This is due to the fact that on completion the sale price needs to pass between the banks of the purchaser and owner’s lawyer and at present this can only happen on a business day. So you can't complete on a saturday or sunday either.