Why do I have to pay up front for my conveyancing in Waterlooville?
If you are buying a property in Waterlooville your solicitor will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this should be required shortly in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer a couple of days prior to the completion date.
My fiance and I are hoping to buy a purpose built apartment in Waterlooville with a homeloan from Coventry Building Society.We like our Waterlooville conveyancing practitioner but Coventry Building Society informed us he's not listed on their approved list of firms. we are left little option but to use a Coventry Building Society panel firm or keep our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; is there anything we can do?
No, not really. The loan issued to you contains various provisions, a common one being that solicitors needs to be on the Coventry Building Society approved list. in the past, most lenders had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Coventry Building Society
We had appointed conveyancing lawyers located in Waterlooville on the Nottingham solicitor approved list. They are now charging me a supplemental charge for the legal aspects of the Nottingham mortgage. Is this an additional conveyancing fee specified by Nottingham?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer may charge a fee for this. The fee is not dictated by Nottingham but by your Waterlooville property lawyer. Plenty of firms on the Nottingham panel will levy an ‘acting for lender’ fee and others do not.
Can I be sure that the Waterlooville conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Waterlooville seeking recommendations is a sensible start. 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 advocate that you speak with the lawyer handling your conveyancing.
Nationwide have agreed my home loan in principle, my bid on a house in Waterlooville has been accepted, now what?
The estate agent will need to be informed of your conveyancer's details (make sure the lawyers are on the bank’s approved list). Call up Nationwide or the broker and finish off any outstanding documentation. Nationwide will appoint a valuer who will get in touch with the selling agent or owners to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes about a week to get a mortgage offer. Nationwide will send the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Waterlooville.
It has been three months since my purchase conveyancing in Waterlooville completed. I have checked the Land Registry website which shows that I paid £175,000 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 property 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 purchasing a new build house in Waterlooville with a mortgage from Nationwide Building Society. The developers would not reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not disclose to my solicitor about this extras as it would affect my mortgage with the lender. Should I keep quiet?.
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 employed by a long established estate agent office in Waterlooville where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have received inconsistent advice from local Waterlooville conveyancing solicitors. Can you clarify whether the vendor of a flat can start the lease extension process for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a garden flat in Waterlooville, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Waterlooville with over 90 years remaining are worth £165,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2098
With just 77 years remaining on your lease we estimate the price of your lease extension to be between £7,600 and £8,800 plus legals.
The figure 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 tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.