I am acquiring a property without a mortgage in Oundle. I have lived for the previous 15 years in Oundle. Conveyancing searches are a lot of money. Given that I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Oundle conveyancing searches are optional. Your conveyancer will try and steer you, perhaps strongly, that you should have searches done, but he is duty bound to do this. One thing to take into account; if you are likely to dispose of the house at a future date, it will be of importance to your prospective purchaser what the searches contain. There are plenty of instances where premises with no practical issues can still throw up unpredicted search results. A good conveyancing solicitor in Oundle will be able to give you some helpful advice in this regard.
When it comes to mortgage companies such as Co-operative, do Oundle lawyers incur an annual charge to be on the conveyancing panel?
We are unaware of any bank fees to be on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
We previously instructed conveyancing lawyers locally in Oundle on the Bank of Ireland solicitor panel. They have just invoiced me an additional sum for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee set by Bank of Ireland?
Unfortunately, so long as it is in their Terms and Conditions or estimate then yes your lawyer may charge a fee for this. The charge is not set by Bank of Ireland but by your Oundle conveyancer. Some firms on the Bank of Ireland panel will quote ’dealing with mortgage’ fee and others do not.
I am due to exchange contracts on my flat. I had a double glazing fitted in October 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, UBS are being pedantic. The Oundle solicitor who is on the UBS conveyancing panel is recommending indemnity insurance as a solution but UBS are requiring 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.
Will my solicitor be raising questions concerning flooding during the conveyancing in Oundle.
Flooding is a growing risk for lawyers conducting conveyancing in Oundle. Some people will purchase a house in Oundle, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out during the course of a house purchase to forewarn the buyer.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or on a buyer’s behalf which can figure out the risks in Oundle. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to discover if the property has historically flooded. If the residence has been flooded in past and is not revealed by the seller, then a purchaser could issue a legal claim for losses stemming from an misleading reply. The buyer’s solicitors should also conduct an environmental report. This should higlight whether there is any known flood risk. If so, more detailed inquiries will need to be carried out.
I have justbeen informed that Wolstenholmes have closed. They carried out my conveyancing in Oundle for a purchase of a freehold house 10 months ago. How can I check that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Oundle conveyancing specialists.
I am purchasing my first flat in Oundle benefiting from help to buy. The builders would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep suggested that I not inform my conveyancer about this deal as it would put at risk my mortgage with Barclays . Do I keep my lawyer in the dark?.
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.
Why do Oundle conveyancing costs differ for leasehold and freehold properties?
Inevitably there is more work necessary in leasehold conveyancing. Oundle has many leasehold properties. There is more paperwork involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.