I'm the single recipient of my late grandmother’s will and I have everything in my name alone, including the my former home in Welling. The Welling property was put into my name in February. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the property in February. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. many mortgage companies would take a practical view as this provision chiefly exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I am currently in the process of buying my council flat in Welling. I have a mortgage agreed with Virgin Money. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.
Clydesdale have agreed my home loan in principle, my offer on a apartment in Welling has been agreed to, what happens next?
Your estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s panel). Telephone Clydesdale or the financial adviser and complete any outstanding paperwork. Clydesdale will instruct a valuer who will get in touch with the selling agent or vendor to book an appointment. Once carried out (assuming no problems) it takes about a week for the mortgage offer to be issued. Clydesdale will issue 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 Welling.
I have been told that property searches are the primary cause of stalling in Welling house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Welling.
I purchased a semi-detached Victorian house in Welling. Conveyancing practitioner represented me and Britannia. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Welling and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also check the situation with the conveyancing solicitor who conducted the purchase.
I am purchasing my first flat in Welling with the aid of help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not to tell my lawyer about the deal as it would adversely affect my loan with Halifax. Do I keep my lawyer in the dark?.
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 input of my in-laws I had a survey completed on a house in Welling ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks will not give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Welling. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Welling to see if the conveyancing costs will increase in light of this.
I am due to assess costs for conveyancing in Welling from numerous conveyancing practitioner and appoint one. Do I tell them to hold tight until I a suitable flat to buy.
We suggest that you only get your conveyancer to open a file and apply for searches once the offer has been agreed to on the property especially as Welling conveyancing searches are a couple of hundred pounds.