My partner and I are buying our first property. The solicitor has messagedto enquire if we would like to take out additional conveyancing searches. Unfortunately we have no idea as to what's recommended for conveyancing in Potton
The scope of Potton conveyancing searches depends entirely on the property, the location, the likelihood of any of these risks, your familiarity of the locality and risks, your general attitude to risk. What matters is that you adequately appreciate what information the searches could provide. Then you can make a decision if you consider that you need that information. If in doubt, ask the lawyer to advise.
Various internet forums that I have come across warn that are the number one cause of stalling in Potton conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Potton.
I am purchasing a new build house in Potton with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The estate agent advised me not to tell my lawyer about the extras as it will jeopardize my loan with the bank. Should I keep quiet?.
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.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Potton I like with open areas and transport links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in Potton suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan that many years will likely be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I'm refinancing my current house to a buy to let mortgage with Platform Home Loans Ltd and intend to use the remaining equity as a down payment on a second property. The area we are interested in is Potton. Will your solicitors be able to act for both sets of banks and link together the conveyances?
Make use of our comparison tool on this site to check that the lawyers are approved by both mortgage companies. On the basis that they are your lawyer should be able to tie up the two deals but you should have a chat with you conveyancer and specify your expectations and requirements.
We have been informed by many family members that it should take 6-8 weeks for Potton conveyancing to complete.This was four weeks ago. The draft contract was only sent from the vendors conveyancing practitioner a couple of days ago so does the time start running now?
There is no official timeframe for conveyancing in Potton, or any location. You just have to ensure that your finances are in order and wait for the rest to come to you eventually.