Me and my partner are due to complete on the purchase of a property in Old Stratford but as a result of wreckage from some water damage at the property I have was able negotiate reparation from the current proprietors in the sum of three thousand pounds by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process however Nationwide will not permit this. Should they have been informed?
Any conveyancer being on a Nationwide conveyancing panel is obliged to advise Nationwide of any amendments to the purchase price. If you prohibit your solicitor to disclose the price change to Nationwide then they would have to discontinue acting for you. In addition, Nationwide and you would have to appoint a new conveyancing practitioner for your conveyancing in Old Stratford.
What does my ID and proof of funds have anything to do with my conveyancing in Old Stratford? Is this really warranted?
In order to comply with Money Laundering Regulations any Old Stratford conveyancing firm will require proof of identity in all conveyancing transactions. This is normally dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.
Under Money Laundering Regulations, conveyancers are duty bound to ascertain not only the identity of conveyancing clients but also the source of fund that they receive in respect of any matter. Refusal to disclose this may lead to your solicitor cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to notify the appropriate authorities should they believe that any amounts received by them may contravene the Money Laundering Regulations.
We had chosen conveyancing lawyers with offices in Old Stratford on the Principality solicitor approved list. They have just billed me a separate amount for dealing with the Principality mortgage. Is this a supplemental conveyancing fee specified by Principality?
Provided it is contained in their Terms of Engagement or Quote then yes your conveyancing practitioner can levy a fee for this. This charge is not dictated by Principality but by your Old Stratford solicitor. Numerous firms on the Principality panel will charge an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I had an offer accepted on an apartment in Old Stratford on 12/3/2024, valuation was booked 4 days later, received a clean bill of health. Property lawyer appointed, so the only thing outstanding was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Are Leeds Building Society entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
At last I have had an offer on a flat in Old Stratford agreed to, but there is a chain. The sellers have offered on a flat, however it’s not yet agreed to, and are looking at other properties booked. I have selected a high street conveyancing solicitor in Old Stratford. What do I do now? When do I get the mortgage application with TSB going?
It is usual to have concerns where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of £1k, then valuation, Old Stratford conveyancing search fees, etc). First, you should ensure that your property lawyer is on the TSB approved list. Concerning the next phase this very much dictated by the uniqueness of your case, desire for this property and on the state of the market. During a buoyant market the majority of buyers would apply for a home loan with TSB and pay for the valuation and only if it comes back ok would they request their conveyancer to move forward with the conveyancing in Old Stratford.
I have been told that property searches are the main reason for delay in Old Stratford conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of slowing down conveyancing in Old Stratford.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Old Stratford I like with open areas and transport links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Old Stratford suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you can request that they start the process of the extension and then assign 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 regarding this.
I'm converting the mortgage on my current house to a buy to let loan with Barnsley Building Society and I will use the ballance of the raised equity towards a second house. The location we are looking at is Old Stratford. Will your solicitors be able to act for both sets of banks and tie in the transactions?
Make use of our comparison tool on this page to be sure that the conveyancers are approved by both mortgage companies. On the basis that they are your conveyancer will be able to tie up the two deals but you should talk with you solicitor and make apparent your expectations and needs.