I am acquiring a brand new duplex in Old Stratford and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a conveyancing solicitor in Old Stratford for our house move. Our broker has since advised us that our mortgage lenders The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
Pre- 2008 most mortgage companies had an appetite for risk which was higher than today. Almost all Old Stratford conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic review into mortgage fraud which concluded: know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more information from law firms regarding their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of transactions. Many Old Stratford conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Old Stratford is amongst the thousands of areas where the conveyancers we list are are authorised to act for The Mortgage Works.
Will my lawyer be raising enquiries regarding flooding during the conveyancing in Old Stratford.
Flooding is a growing risk for solicitors dealing with homes in Old Stratford. There are those who buy a house in Old Stratford, completely aware that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a number of checks that can be carried out by the buyer or by their solicitors which will give them a better understanding of the risks in Old Stratford. The conventional set of information sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to determine if the property has suffered from flooding. If the premises has been flooded in past and is not revealed by the owner, then a purchaser could commence a compensation claim resulting from an incorrect reply. A buyer’s solicitors may also order an enviro search. This should indicate whether there is a recorded flood risk. If so, more detailed inquiries should be made.
Have purchased a a detached house in Old Stratford , What is the estimated time for the Land Registry to record the transfer to my name? My Old Stratford conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are addressed.
There is nothing unique about conveyancing in Old Stratford registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd persons or bodies. As of today in the region of three quarters of submission are fully addressed in less than three weeks but some can be subject to extensive delays. Historically registration takes place once the new owner is living at the property so an expedited registration is not usually primary concern but if there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for an expedited registration.
Due to the encouragement of my in-laws I had a survey completed on a property in Old Stratford before appointing lawyers. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some banks may refuse to give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Old Stratford. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Old Stratford to see if the conveyancing costs will increase in light of this.
How much experience do your Old Stratford conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Old Stratford conveyancing lawyers help thousands of buyers move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Old Stratford conveyancers have worked on recent similar matters.