I am purchasing a property mortgage free in Otford. I have resided for the last 15 years in Otford. Conveyancing searches are expensive. As I know the road and vicinity intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Otford conveyancing searches are at your discretion. Your lawyer will try and sway you, no-doubt strongly, that you should have searches carried out, but she is duty bound to take that path of encouragement . One thing to consider; if you are going to sell the house in the future, it will likely be be of interest to your future buyer what the searches disclose. Sometimes premises with apparent issues can still throw up unfavourable search results. A competent conveyancing solicitor in Otford should provide you some practical advice in this regard.
Can you clarify what the consequences are if my lawyer’s firm is suspended from the Lloyds Solicitor panel ahead of completing my conveyancing in Otford?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
There are plenty of conveyancing solicitors in Otford but how do I know who I should use?
It would be unwise to be swayed by the cheapest Otford conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
I'm the only beneficiary of my late mum's estate with all property in now in my sole name, including the my former home in Otford. Conveyancing formalities meant that the Land Registry date was in February. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in February. Will no one buy the property for half a year?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Some mortgage companies would take a sensible view as this obligation is principally there to identify subsales or the wholesaling and assigning of property.
I am due to exchange contracts on my flat. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, UBS are being difficult. The Otford solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are insisting on a building regulation certificate. Why do UBS have a conveyancing panel if they don't accept advice from them?
It is probably the case that UBS have referred the matter to their valuer. The reason why UBS may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
three months have elapsed since my purchase conveyancing in Otford concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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.
I'm purchasing a new build house in Otford with a loan from Accord Mortgages Ltd. The sellers refused to budge the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about the extras as it may affect my mortgage with the lender. Is this normal?.
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.
My husband and I are first time buyers - agreed a price, yet the selling agent has warned us that the owners will only move forward if we use their preferred conveyancers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer used to conveyancing in Otford
It is highly unlikely the sellers are behind this. If they desire ‘a quick sale', turning down a serious buyer is counter productive. Speak to the owners direct and make sure they comprehend that (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you intend to instruct your preferred Otford conveyancing lawyers - rather thanthe ones that will give their estate agent a commission or meet his conveyancing thresholds set by corporate headquarters.