When will exchange of contracts take place for purchase conveyancing in Biddenham and do I need to attend the conveyancers branch?
If you are local to our conveyancing solicitors in Biddenham you are invited in to sign documents. However, the firms we recommend provide a nationwide conveyancing service and provide just as comprehensive and professional a job for you when dealing with you electronically. The executing of the purchase agreement is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Biddenham)to be in the office available at the end of the phone to exchange contracts.
I had intended to instruct a conveyancing solicitor in Biddenham for our home move. Our financial adviser has since notified us that our mortgage lenders National Westminster Bank won't deal with them. Surely this is unduly restrictive?
A lender can direct that a panel conveyancer act for it. You would be liable to bear the cost of this. Please make use of our search facility to get a quote from a solicitor to carry conveyancing in Biddenham on the National Westminster Bank conveyancing panel.
My wife and I have organised the release of further funds on our home loan from Coventry BS as we want to carry out renovations to our home in Biddenham. Are we obliged to appoint a high street Biddenham solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS do not ordinarily appoint firms on their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS conveyancing panel.
The mortgage over my property is with HSBC for my property in Biddenham. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform HSBC?
Your original mortgage agreement with HSBC will provide that you need their approval before renting your property as this is likely to be a breach of HSBC’s mortgage conditions. In many cases banks or building societies will permit you to let 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 HSBC directly. It should not be necessary to do this via a HSBC conveyancing panel firm.
Our offer on a house in Biddenham has been agreed to, but there is a chain. The owners have placed an offer on a property, but it’s not yet agreed to, and are looking at other properties booked. I have instructed a bricks and mortar conveyancing solicitor in Biddenham. What do I do now? At what stage should I apply for the mortgage with Santander?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx one thousand pounds, then valuation, Biddenham conveyancing search charges, etc). The first course of action is to ensure that your conveyancer is on the Santander approved list. Concerning the next phase this very much dictated by the specifics of your case, attraction to this property and on the state of the market. During a buoyant market many buyers would apply for a home loan with Santander and arrange for the valuation and only if it comes back ok would they pay their solicitor to move forward with searches.
I am purchasing a new build house in Biddenham with the aid of help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not disclose to my conveyancer about the deal as it could affect my mortgage with the bank. 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.
I am employed by a long established estate agency in Biddenham where we see a few leasehold sales put at risk due to short leases. I have received contradictory information from local Biddenham conveyancing firms. Could you confirm whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as 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. The benefit of this is that the buyer can avoid having 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 simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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.
Leasehold Conveyancing in Biddenham - A selection of Questions you should consider Prior to buying
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How much is the maintenance charge and ground rent on the apartment? Best to be warned if a new roof is being put on or some other significant cost is coming up that will be shared by the leaseholders and may well dramatically increase the the maintenance costs or result in a one off invoice. You should want to find out as much as possible concerning the managing agents as they will either make life much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents both financially and when it comes to practical matters such as the upkeep of the common parts. Enquire of prospective neighbours what they think of their service. In conclusion, find out the dates that the service charges are due to the relevant party and specifically how they are spending the funds.
My conveyancing in Biddenham is set to complete on Friday, yet the couple I am purchasing off has asked to vacate the next day at noon. Should I agree to this?
Where you require a mortgage then your solicitor will require that you have vacant possession on Friday - the mortgage company will require it.