I am obtaining a mortgage offer from Halifax. I intend to employ the services of a Licensed Conveyancer in Woodcote. Does the Halifax Conveyancing panel include conveyancers regulated by the CLC?
The Halifax approved solicitor list is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.
I am the registered owner of a freehold property in Woodcote yet pay rent, why is this and what is this?
It is rare for properties in Woodcote and has limited impact for conveyancing in Woodcote but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I am currently in the process of buying my council flat in Woodcote. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I was told two weeks ago that my mortgage has been agreed to by Yorkshire BS. Is it usual for Yorkshire BS to only issue the offer once my solicitor in Woodcote is approved on their conveyancing panel? Yorkshire BS have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
TSB have agreed my mortgage in principle, my bid on a house in Woodcote has been agreed to, what happens next?
Your property agent will need to be advised as to your solicitor's details (make sure the conveyancing practitioners are on the bank’s panel). Call up TSB or the broker and finish off any outstanding paperwork. TSB will instruct a valuer who will get in contact with the selling agent or owners to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes on average a week to get a mortgage offer. TSB 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 Woodcote.
How does conveyancing in Woodcote differ for new build properties?
Most buyers of new build property in Woodcote contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Woodcote usually acquire the land, 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 property lawyers 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 used to new build conveyancing in Woodcote or who has acted in the same development.
We're first time buyers - agreed a price, but the estate agent advised that the vendor will only issue a contract if we instruct the agent's chosen lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Woodcote
We suspect that the owner is unaware of this requirement. Should the seller desire ‘a quick sale', turning down a genuine buyer is likely to cause more damage than good. Try to communicate with the vendors directly and make the point that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to instruct your preferred Woodcote conveyancing lawyers - not the ones that will provide the negotiator at the agency a referral fee or meet his conveyancing targets pre-set by HQ.
At last I have had an offer on an flat in Woodcote accepted, the owner does nevertheless have an associated purchase. The owners have offered on a flat, however it’s not been accepted yet, and has viewings of other properties in the pipeline. I have selected a nearby conveyancing lawyer in Woodcote. What do I do now? When do I get the mortgage application with Bank of Ireland going with Bank of Ireland?
It is usual to have anxieties where there is a chain given your reluctance to be too out of pocket too early (home loan application is approx £1k, then valuation, Woodcote conveyancing search costs, etc). The first thing to do is ensure that your conveyancing practitioner is on the Bank of Ireland conveyancing panel. Regarding the subsequent phase this very much depends on the specifics of your transaction, desire for this property and on the state of the market. In a rising market some purchasers will apply for the mortgage with Bank of Ireland and pay for the survey and only if it comes back ok would they ask their property lawyer to move forward with the conveyancing in Woodcote.