My wife and I are acquiring a newly constructed duplex in Stilton and my conveyancer is advising me that she is duty bound to the mortgage company to reveal incentives from the builder. I am on a tight deadline to sign contracts and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are buying a property in Stilton. I might seem paranoid but how we can trust a solicitor? At some point we have to put our life savings into their account. What protection do we have from them run away with our money?
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.
We were going to get a DIP from HSBC this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Stilton solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Stilton solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Stilton building society branch on numerous occasions and was informed it wasn't an issue and they will lend. My Stilton conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their published requirements. I simply don't know who is right.
The solicitor must follow the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
How does conveyancing in Stilton differ for newly converted properties?
Most buyers of new build property in Stilton approach us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in Stilton typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Stilton or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Stilton is where the house is located. Can you shed any light on this issue?
Flying freeholds in Stilton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stilton you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stilton may decide 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 residence.
I am looking into buying my first house which is in Stilton and I am already nervous. I couldn't find anything specific about Stilton. Conveyancing will be needed in due course but do you know about the Stilton area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Stilton. In the meantime here are some basic statistics that we found
I need to instruct a conveyancing solicitor for my conveyancing in Stilton. I happened to chance upon a site which appears to be the ideal solution If there is a chance to get all the legals done via email that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?