I can't travel far from Southgate. Please explain the reason why all Southgate lawyers are not on all mortgage company panels?
Even though it may seem unfair for banks to restrict who can act for them, from the public’s or conveyancer’s perspective, the other side of the coin is that mortgage companies are increasingly anxious and feel it imperative to shield themselves from illegal activities. As a consequence of this concern mortgage companies are limiting their panel of approved conveyancing lawyers to a size that they are happy to control.
I am buying a house for cash in Southgate. I have resided for the previous twelve years in Southgate. Conveyancing searches are exorbitant. Given that I have knowledge of the area and road intimately should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Southgate conveyancing searches are at your discretion. Your conveyancer will 'advise', no-doubt strongly, that you should have searches carried out, but he has a professional duty to take that path of encouragement . One thing to consider; if you are likely to dispose of the house in the future, it will be of relevance to your future buyer what the searches reveal. Sometimes premises with functional issues can still reveal adverse search results. A competent conveyancing solicitor in Southgate should be able to give you some sensible guidance in this regard.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Southgate. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 20/7/2024, the requirements read as follows :
I used Arc property Solicitors several years past for my conveyancing in Southgate. I now require my papers but the law firm has closed. What do I do?
Do contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Southgate of the conveyancing firm of solicitors you previously hired, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing a new build house in Southgate with a loan from Bank of Ireland. The developers would not move on the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not to tell my solicitor about this extras as it could affect my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am looking for a flat up to £195,000 and found one round the corner in Southgate I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Southgate for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you require a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.