When will exchange of contracts occur in purchase conveyancing in Hook and am I required to attend the solicitors branch?
If you are round the corner to our conveyancing solicitors in Hook you are invited in to sign contracts. However, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you electronically. The executing of the contract is not when everything is set in stone. Signing on the dotted line is just a prerequisite for the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Hook)to be in the office available at the end of the phone to exchange contracts.
I am planning to acquire a property and need a conveyancing solicitor in Hook who is on the Coventry Building Society solicitor. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Hook. We dont recommend any particular firm.
I'm the single recipient of my late mum's will and I have everything in my name now, including the my former home in Hook. The Hook property was put into my name in July. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in July. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view banks take of it, depend on the mortgage company as this clause chiefly exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
I can not fathom if my bank requires a lease extension. I have telephoned my Hook bank branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Hook conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their specific requirements. I have no idea who is right.
Provided that the lawyer is on the lender approved list, they must comply with the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Hook solicitor - who is on the TSB conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
TSB will need an independent valuation of the property. Your lawyer will not arrange this. Usually TSB will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Hook surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
3 months have gone by since my purchase conveyancing in Hook concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Hook with the aid of help to buy. The developers would not budge the price so I negotiated £7000 of additionals instead. The property agent advised me not disclose to my solicitor about the side-deal as it could affect my mortgage with Santander. 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.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Hook is where the house is located. Can you offer any advice?
Flying freeholds in Hook are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Hook you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hook 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 residence.