My husband and I are purchasing a brand new duplex in Ferryhill and my lawyer is informing me that she is duty bound to the bank to disclose incentives from the seller. I am under pressure to sign contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender 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.
I'm the only beneficiary of my late mum's will and I have everything in my name now, including the house in Ferryhill. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the property in April. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this provision is chiefly there to pick up on subsales or the flipping of properties.
My fiancee and I are in the process of viewing flats in Ferryhill and I am now considering a potential offer. Is it sensible to have a conveyancing practitioner on ‘stand by’? I will be getting a mortgage with Lloyds.
You should start requesting conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. As you are obtaining a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
Leeds Building Society have agreed my mortgage in principle, my bid on a house in Ferryhill has been accepted, what are the next steps?
The property agent will wish to know who your solicitors are (ensure that the property lawyers are on the lender’s panel). Telephone Leeds Building Society or the broker and complete any outstanding paperwork. Leeds Building Society will instruct a valuer who will get in contact with the selling agent or owners to book an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Leeds Building Society will send the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Ferryhill.
My colleague recommended that where I am buying in Ferryhill I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally quoted for as part of the standard Ferryhill conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Ferryhill around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful information concerning Ferryhill.
I am purchasing a new build house in Ferryhill with the aid of help to buy. The sellers would not budge the price so I negotiated £7000 of additionals instead. The estate agent suggested that I not inform my lawyer about this side-deal as it may affect my loan with Bank of Scotland. 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.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Ferryhill is the location of the property. Can you offer any guidance?
Flying freeholds in Ferryhill are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ferryhill you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ferryhill may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
We are 3 weeks into a residential purchase having been recommend to conveyancers by the estate agent to handle our conveyancing in Ferryhill. We are not happy. Could you help me find new solicitors?
They would need to be really poor to suggest changing them. Has your loan offer been generated? If so you must inform them of the new contact details and get the mortgage documents are issued to the new lawyers. The solicitor ideally needs to be on the lenders panel to avoid escalating costs and frustration. That should be your first question of the new solicitors. The find a solicitor tool can help you find a bank approved lawyer for your conveyancing in Ferryhill