Will lawyers request money on account for my conveyancing in Victoria Docks?
If you are buying a property in Victoria Docks your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is as part of the sale price then this will be required shortly in advance of exchange of contracts. The final balance that is needed will be payable a couple of days ahead of the completion date.
Is it the case that all Victoria Docks solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be governed by the SRA. Many mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the Council of Licensed Conveyancers.
How can we know in advance if a Victoria Docks conveyancing solicitor on the RBS panel is any good?
When it comes to conveyancing in Victoria Docks getting recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always advise that you speak with the lawyer handling your conveyancing.
Planning on purchasing a house in Victoria Docks. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Victoria Docks lawyer is on the TSB conveyancing panel.
I'm purchasing my first flat in Victoria Docks with a loan from Skipton Building Society. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about the extras as it could adversely affect my loan with the bank. 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.
Due to the advice of my in-laws I had a survey completed on a house in Victoria Docks in advance of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some banks may refuse to grant a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Victoria Docks. Conveyancing may be slightly more expensive based on your lender's requirements.
Is it best to instruct a Victoria Docks conveyancing practitioner who is local to the property I am purchasing? An old friend can carry out the legal work however his firm is located 300kilometers drive away.
The benefit of a high street Victoria Docks conveyancing firm is that you can pop in to sign paperwork, present your ID and apply pressure on them where appropriate. Having local Victoria Docks know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and the majority were impressed that must outweigh using an unknown Victoria Docks conveyancing lawyer just because they are round the corner.
I've found a house that appears to tick a lot of boxes, at a reasonable price which is making it all the more appealing. I have just been informed that the title is leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Victoria Docks. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
Most houses in Victoria Docks are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are buying in Victoria Docks in which case you should be looking for a Victoria Docks conveyancing practitioner and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions such as requiring the freeholder’spermission to conduct alterations. You may also be required to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should advise you fully on all the issues.