My wife and I are about to complete buying a house in Llanarth but as a consequence of wreckage from some water damage at the property I have was able negotiate reparation from the vendor of £2k in the form of a adjustment in the price. This was going to be addressed as part of a side agreement yet Lloyds will not agree to this. Why were they involved?
The lawyer being on the Lloyds approved list is obliged to disclose to Lloyds of any amendments to the sale price. If you were to refuse your conveyancing practitioner to notify the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new property lawyer for your conveyancing in Llanarth.
Have just purchased a probate house at auction in Llanarth. Conveyancing is required. What are my next steps?
Having legally committed yourself to purchase you should choose a conveyancing practitioner soon as you will have a tight a drop dead date to complete the purchase. Every auction property will ordinarily have a bespoke legal pack. This will include evidence of title and search results. In the case of leasehold property the auction pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to leasehold premises. You must pass this on to the conveyancer instructed by you ASAP. You also need to ensure that your finances are in order to complete the transaction on the set completion date.
I'm the sole recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Llanarth. Conveyancing formalities meant that the Land Registry date was in April. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the property in April. Will no one buy the property for half a year?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How sensible a view banks take of it, depend on the mortgage company as this requirement chiefly exists to pick up on the purchase and immediately sell or the flipping of properties.
It is not clear whether my bank requires a lease extension. I have called into my local Llanarth bank branch on a couple of occasions and was advised it wasn't a problem and they would lend. My Llanarth conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner has to comply with the Council of Mortgage Lenders’ Handbook Part 2 conditions for your 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 bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm purchasing a new build house in Llanarth with a loan from National Westminster Bank. The builders would not budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my conveyancer about the deal as it may put at risk my loan with National Westminster Bank. Do I keep my lawyer in the dark?.
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 was recommended by two or three local property agents in Llanarth to find a property lawyer on your site. What’s the financial inducement for Estate Agents to offer your lawyers rather than another?
We don’t offer any financial incentive for sending work our way. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My father has urged me to appoint his conveyancing solicitors in Llanarth. Should I choose my own solicitor?
There are no two ways about it the best way to select a conveyancing practitioner is to seek recommendations from friends or family who have used the solicitor you're contemplating using.
When it comes to my conveyancing in Llanarth should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Llanarth conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.