Me and my partner are about to complete buying a property in Ouston but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the owner of £3k by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet UBS are not allowing this. Should they have been informed?
Your lawyer being on the UBS approved list is obliged to advise UBS of any amendments to the sale price. If you were to refuse your conveyancer to notify the price change to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new lawyer for your conveyancing in Ouston.
In what way does my ID and proof of funds have anything to do with my conveyancing in Ouston? What am I being asked for?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to check the identity of the person or body they are dealing with before they can accept their conveyancing instruction. The Terms of Engagement that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you are unwilling to hand over ID verification documents, your conveyancer would not be able to act for you.
Various online forums that I have visited warn that are the primary cause of delay in Ouston house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Ouston.
I bought my house on 12 February and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Ouston said it would be recorded inside ten days. Are transfers in Ouston particularly slow to register?
There is nothing unique when it comes to conveyancing in Ouston registration formalities. As opposed to being determined by geographic area, timescales can adjust according to who lodges the application, whether there are errors and if the Land registry have to notify any third parties. Currently approximately 80% of such applications are completed in less than three weeks but some can be subject to longer hold-ups. Registration is effected once the buyer has moved in to the premises thus 'speed' is not always primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
I am buying my first flat in Ouston benefiting from help to buy. The developers would not budge the price so I negotiated £7000 of extras instead. The house builders rep suggested that I not inform my lawyer about this side-deal as it will put at risk my loan with the lender. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Ouston before appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies will not issue a loan on a flying freehold home.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you e-mail us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ouston. Conveyancing may be slightly more expensive based on your lender's requirements.