My wife and I are looking to buy a house in Monken Hadley and are in fact using a Monken Hadley conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Bank of Scotland have this evening contacted us to inform me that there is now an issue as our Monken Hadley conveyancer is not on their conveyancing panel. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Monken Hadley lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
When will exchange of contracts take place for domestic conveyancing in Monken Hadley and do I need to be at the lawyers branch?
If you are in close proximity to one of the conveyancing solicitors in Monken Hadley you are welcome to attend to sign contracts. That being said, the firms we recommend offer countrywide coverage for conveyancing and give just as detailed and professional a job for you when dealing with you electronically. The signing of the sale agreement is not the critical part. A signed contract is just a prerequisite for the solicitor to officially exchange at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Monken Hadley)to be in the office available at the end of the phone to exchange contracts.
I'm buying a new build house in Monken Hadley with the aid of help to buy. The developers refused to move on the price so I negotiated £7000 of additionals instead. The property agent advised me not to tell my conveyancer about this side-deal as it will put at risk my loan with the bank. Should I keep quiet?.
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 am looking for a ground for flat up to £195,000 and found one round the corner in Monken Hadley I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Monken Hadley in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan that many years will likely be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
My husband and I are novice buyers - agreed a price, yet the agent told us that the owners will only move forward if we use the agent's preferred conveyancers as they need a ‘quick sale’. My instinct tells me that we should use a family solicitor used to conveyancing in Monken Hadley
It is unlikely the sellers are driving this. If they desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Bypass the agents and go straight to the sellers and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are unencumbered (d) you wish to move quickly (e)but you intend to instruct your own,trusted Monken Hadley conveyancing solicitors - not the ones that will give the negotiator at the agency a kickback or meet his conveyancing targets demanded by HQ.
Would local authority permission be needed to convert a house into a couple of flats in Monken Hadley? This has taken place to a house opposite to a relative in Monken Hadley and was unaware of it happening until the works were done.
Planning consent is needed for splitting a single dwelling in Monken Hadley into flats but probably not for converting once again to single dwelling-house so, simply put, yes,a it is required.