Do all mortgage companies provide you with an approved list of Lydiate and Melling conveyancing solicitors? How do you know who is on the Nationwide conveyancing panel?
Lydiate and Melling conveyancing firms themselves provide us confirmation that they are on the Nationwide conveyancing panel as opposed to being supplied with a list from Nationwide directly.
I have decided to exercise my right to buy my property in Lydiate and Melling off the council. I have a mortgage offer with Coventry BS. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Coventry BS, you will need to appoint a solicitor on the Coventry BS conveyancing panel.
I have instructed a Lydiate and Melling property lawyer having checked that they are on the UBS conveyancing panel. Does my lawyer arrange the survey of the property?
UBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually UBS 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 Lydiate and Melling 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.
Principality have agreed my home loan in principle, my offer on a property in Lydiate and Melling has been accepted, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the solicitors are on the lender’s panel). Call up Principality or your financial adviser and finalise any outstanding documentation. Principality will appoint a valuer who will get in contact with the estate agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes about ten days to get a mortgage offer. Principality will send the offer to you and your conveyancers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Lydiate and Melling.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Lydiate and Melling.
Flooding is a growing risk for lawyers dealing with homes in Lydiate and Melling. There are those who acquire a house in Lydiate and Melling, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which should figure out the risks in Lydiate and Melling. The standard property information forms given to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the vendor to find out if the premises has historically flooded. In the event that flooding has previously occurred and is not revealed by the owner, then a purchaser may issue a compensation claim stemming from an inaccurate reply. A buyer’s solicitors should also order an environmental search. This will reveal whether there is a recorded flood risk. If so, more detailed inquiries will need to be initiated.
I'm buying a new build house in Lydiate and Melling with a mortgage from Nationwide Building Society. The builders refused to budge the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my conveyancer about this extras as it would adversely affect my loan with the 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.
Can you offer any advice when it comes to appointing a Lydiate and Melling conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Lydiate and Melling conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We advise that you speak with two or three firms including non Lydiate and Melling conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be useful:
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Can they put you in touch with clients in Lydiate and Melling who can give a testimonial? How experienced is the firm with lease extension legislation?
I own a studio flat in Lydiate and Melling, conveyancing having been completed October 2003. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Lydiate and Melling with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2093
You have 68 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
When it comes to my conveyancing in Lydiate and Melling 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 Lydiate and Melling 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.