Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Southampton. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 8/6/2023, the requirements read as follows :
We are purchasing a house in Southampton. It might be a silly question but how we can trust a lawyer? At some point we will need to put money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Completion of my purchase has taken place for my property in Southampton. Conveyancing was a necessary evil but I would like to complain about the lender. How do I make a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. In most cases complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
I recently had an offer accepted on a house in Southampton. My financial adviser recommended their conveyancers. I paid an on account payment of £225. Shortly after, the lawyer contacted me embarrassingly acknowledging that they were not on the Barclays conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Barclays panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
It has been 4 months since my purchase conveyancing in Southampton concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build house in Southampton with the aid of help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not to tell my lawyer about this deal as it could jeopardize my mortgage with the bank. Is this normal?.
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.
What makes a Southampton lease unacceptable for security purposes?
Leasehold conveyancing in Southampton is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Royal Bank of Scotland, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
I purchased a leasehold flat in Southampton, conveyancing formalities finalised 8 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Southampton with an extended lease are worth £201,000. The ground rent is £45 invoiced annually. The lease runs out on 21st October 2088
You have 65 years left to run we estimate the premium for your lease extension to range between £13,300 and £15,400 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Do online conveyancing organisations undertake everything a high street Southampton solicitor does or do I still need to use a solicitor for the final stages for my conveyancing in Southampton?
Where you choose an online conveyancer they will undertake all the work your Southampton conveyancer would cover.