I do hope you can assist me. My Alnwick solicitor is assuring me that she is duty bound toconduct Alnwick conveyancing searches becausethe firm are on the Nat Westsolicitor panel. Is my lawyer correct?
You have limited options available to you. Given that you are taking out a loan with a lender your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Alnwick conveyancing searches.
What does my ID and proof of funds have anything to do with my conveyancing in Alnwick? Why is this being asked of me?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms of Engagement that you need to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. If you refuse to hand over identification documents, your lawyer would not be able to accept instructions from you.
Have just purchased a repossessed house at auction in Alnwick. Conveyancing is required. What happens now?
Having for in every practical sense signed on the dotted line you must appoint a conveyancing practitioner soon as you are facing a pending a fixed date to complete the transaction. Every auction property should have an associated legal set of papers. This should include evidence of title and search results. Where you are dealing with leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation relating to leasehold premises. You must hand this to the conveyancer working for you as soon as possible. You also need to ensure that that you have the requisite funding in order to complete on the on the contractual date .
I am expecting a AIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nottingham recommend any Alnwick solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Alnwick solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
The mortgage over my property is with Co-operative for my property in Alnwick. Conveyancing has been completed a year ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
You must advise Co-operative in advance of letting out your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. You need not do this via a Co-operative conveyancing panel lawyer.
I am purchasing my first flat in Alnwick with a loan from Britannia. The builders refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my lawyer about this deal as it could affect 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what should have been a straight forward, chain free conveyancing. Alnwick is where the house is located. Can you shed any light on this issue?
Flying freeholds in Alnwick are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alnwick you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alnwick may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was pointed in your direction by a couple of local selling agents in Alnwick to get a quote from a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to market your services over and above a competitor’s?
We don’t give any referral fee for directing people our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.