My fiance and I are hoping to purchase a home in Widnes and have instructed a Widnes conveyancing practice. Within the last couple of days our property lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Bank of Ireland have this afternoon contacted us to advise us that they have now hit a problem as our Widnes lawyer is not on their conveyancing panel. What do we do from here?
Where you are buying a property needing a mortgage it is normal for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Widnes lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
We have rather assertive sellers who has suggested a preliminary agreement with a deposit 6,000. Is it wise to enter into such agreements?
There are a couple of primary downsides with entering into any lock out contract (also termed a shut-out contract) is that it diverts attention away from making progress with the conveyancing work, so in the absence of it needing minimal or no negotiation then it could transpire to be unhelpful. It is not promoted by Widnes conveyancing practitioners for this reason. A further concern is the extent of the remedies available - a jilted buyer is not likely to secure injunctive relief to bar the seller completing the sale to an alternative purchaser, so the only remedy available under the agreement will be the reimbursement of wasted charges and, in restricted situations, the additional payment of damages.
My relative suggested that where I am buying in Widnes I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually included in the estimate for your Widnes conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Widnes around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Widnes Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Widnes.
I have recentlydiscovered that Stirling Law have closed. They conducted my conveyancing in Widnes for a purchase of a leasehold apartment 9 months ago. How can I check that my home is registered correctly in the name of the former proprietor?
The quickest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Widnes conveyancing specialists.
I'm buying a new build house in Widnes benefiting from help to buy. The builders refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my lawyer about the deal as it will impact my mortgage with the lender. 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.
When it comes to my conveyancing in Widnes should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Widnes conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.