When does exchange of contracts happen for purchase conveyancing in Hayes and am I required to attend the lawyers office?
If you are local to our conveyancing solicitors in Hayes you are welcome to come in to sign contracts. That being said, the firms we work with provide a national conveyancing service and provide as equally diligent and professional a job for you when dealing with you by post or email. The signing of the property agreement is not when everything is set in stone. Signing on the dotted line simply enables the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hayes)to be in the office at the appropriate time.
Do I need to attend the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Hayes so that I can pop in to their offices if necessary.
As opposed to ten years ago, the vast majority lenders no longer need their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID documents and there are still manifest benefits to choosing a local practitioner, in your case a conveyancing solicitor in Hayes.
is it true that all Hayes solicitor firms on the Skipton conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Skipton conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do list licenced conveyancers on their panel and in that case the organisation would be overseen by the Council of Licensed Conveyancers.
We have agreed to purchase a house in Hayes. An unusual aspect is that the roof has a solar panel. Principality have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As you are obtaining a mortgage with Principality your lawyer must comply with the formal instructions set out in Part two of UK Finance Lenders’ Handbook for Principality. The CML Handbook stipulates minimum requirements for solar panel roof-space leases, and solicitors are required to report to Principality where a lease does not satisfy these conditions. The specifications relate to the installation of panels on properties nationwide and is not isolated to Hayes.
Barclays have agreed my mortgage in principle, my offer on a property in Hayes has been accepted, what are the next steps?
Your property agent will want to be informed of your solicitor's details (make sure the solicitors are on the bank’s panel). Telephone Barclays or your financial adviser and finish off any relevant paperwork. Barclays will sellect a valuer who will get in contact with the selling agent or seller to schedule an appointment. Once carried out (assuming no problems) it takes approximately a week for the mortgage offer to be issued. Barclays will issue the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Hayes.
I'm buying my first flat in Hayes with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not to tell my lawyer about this side-deal as it would put at risk my loan with the bank. Should I keep quiet?.
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.
I opted to have a survey completed on a house in Hayes ahead of appointing solicitors. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some banks tend not issue a mortgage on this type of premises.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Hayes. Conveyancing will be smoother if you use a solicitor in Hayes especially if they regularly deal with such properties in Hayes.
I have miscalculated my finances and am a few grand short a 10% deposit on my flat purchase in Hayes , but I still want to exchange. Do I have options?
One option is to try and accept a lesser deposit. Most property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second