I am considering applying for a Yorkshire BS mortgage for purchase of a newly converted (under development) in Shipley with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Yorkshire BS ?
There is nothing to stop you using your solicitor, but Yorkshire BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
Various online forums that I have come across warn that are the number one reason for hinderance in Shipley conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Shipley.
I purchased my apartment on 2 August and the transaction details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Shipley expressed confidence that it would be formalised in less than a month. Are properties in Shipley uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Shipley registration formalities. As opposed to being determined by geographic area, timeframes can differ depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any interested parties. Currently roughly 80% of submission are completed in less than three weeks but some can be subject to protracted delays. Registration takes place after the buyer is living at the premises therefore an expedited registration is not usually top priority but if there is a degree of urgency associated with the registration then you or your lawyers could communicate with the Registry to express the reasoning for the application to be prioritised.
I'm purchasing my first flat in Shipley benefiting from help to buy. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about the extras as it will 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, no chain conveyancing. Shipley is where the house is located. Is there any guidance you can impart?
Flying freeholds in Shipley are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Shipley you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shipley may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Should I be suspicious by estate agents that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Shipley conveyancing company?
As is the case with lots of professional services, often suggestions from connections can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies might all put forward lawyers to select. Sometimes these solicitors might be known to one of the organisations as experts in their field, but occasionally there might be a financial incentive behind the recommendation. You are at liberty to appoint your preferred conveyancer. However, bear in mind that some lenders operate an approved list of solicitors you are obliged to use for the lender related work in your transaction.