I am considering applying for a Santander mortgage for purchase of a new build (under development) in Market Bosworth with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Santander ?
In theory, you could use a solicitor that is not on the Santander conveyancing panel, but Santander would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
A colleague advised me that if I am purchasing in Market Bosworth I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Market Bosworth conveyancing searches. It is a large report of more than thirty pages, listing and detailing important information about Market Bosworth 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 demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information about Market Bosworth.
4 months have elapsed since my purchase conveyancing in Market Bosworth took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. 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 asset 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.
How does conveyancing in Market Bosworth differ for newly converted properties?
Most buyers of new build residence in Market Bosworth come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Market Bosworth typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Market Bosworth or who has acted in the same development.
We're new on the property ladder - had an offer accepted, but the estate agent advised that the vendor will only issue a contract if we appoint the agent's preferred conveyancers as they need a ‘quick sale’. We would rather use a family conveyancer used to conveyancing in Market Bosworth
We suspect that the owner is not behind this demand. Should the vendor require ‘a quick sale', alienating a serious buyer is going to damage their objectives. Bypass the agents and go straight to the owners and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you will continue to appoint your preferred Market Bosworth conveyancing solicitors - as opposed tothose that will earn their negotiator at the agency a introducer fee or hit his conveyancing thresholds pre-set by senior management.
Developers have put forward a conveyancer and I've received an estimate from them. It's nearly £300 cheaper than my family Market Bosworth conveyancer. What's the catch?
Developers often have panels of solicitors who expedite matters and who know the developer’s documentation and solicitor. Plenty of developers offer an incentive to use their approved property lawyer for this reason, any increased cost can be avoided and a builder will not suggest a conveyancing factory and run the risk of having the conveyancing delayed when they require an exchange within a tight time frame. The argument for not opting for the suggested solicitor is that they may prove unwilling to fight for your interests for fear of upsetting the sellers. If you worry that this may be the situation you should keep with your local Market Bosworth conveyancing practitioner.