We are expecting a mortgage offer soon. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to appoint a Sandown based conveyancing firm?
You should check but the chances are that give you one of their panel conveyancers where you take up the "fee-free" incentive. Speak to the bank and check if they allow a monetary alternative. In the past a few lenders offered a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor near Sandown.
I happen to be the single beneficiary of my late mum's will and I have everything in my name alone, including the house in Sandown. The Sandown property was put into my name in August. I want to move. I do know about the CML six month 'rule', meaning my property ownership may be regarded the same way as if I'd bought the house in August. Will no one buy the property for half a year?
The CML handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view mortgage companies take of it, depend on the lender as this requirement primarily exists to identify subsales or the wholesaling and assigning of property.
I am expecting a AIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Sandown solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint Sandown solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
Having digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Sandown solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Sandown surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
My wife and I purchased a semi-detached Georgian property in Sandown. Conveyancing solicitor represented me and Britannia. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sandown and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing practitioner who completed the work.
I'm buying my first flat in Sandown with a loan from Leeds Building Society. The builders refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my lawyer about this deal as it may jeopardize my loan with the lender. 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.
Am I right to be wary about 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Sandown conveyancing practice?
As with many service providers, often input from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a keen interest in a conveyancing transaction; estate agents, financial adviser and mortgage companies may put forward lawyers to select. On occasion these conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the endorsement. You are at liberty to select your preferred lawyer. You need to be aware that many mortgage providers have an approved list of solicitors you are obliged to use for the mortgage related work in your conveyancing.
Our estate agent has recommended their property lawyer for the conveyancing in Sandown - Is it not simpler easier to just use them?
You need to establish if the selling agent is recommending a solicitor or introducing to a solicitor. There are plenty of Sandown estate agents who recommend two or three Sandown conveyancing firms and get nothing from it.