I am due to exchange on the purchase of a house in Blackfriars but as a consequence of wreckage from the recent storms I have was able negotiate recompense from the current proprietors in the sum of £3k by way of a adjustment in the price. I had intended this to be addressed as part of the conveyancing process yet Clydesdale are not allowing this. Why were they approached?
Any property lawyer being on a Clydesdale conveyancing panel is required to advise Clydesdale of any variations to the sale price. If you prohibit your property lawyer to disclose the price change to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new property lawyer for your conveyancing in Blackfriars.
Please explain the implications if my lawyer’s firm is expelled from the UBS Conveyancing panel ahead of completing my conveyancing in Blackfriars?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
What does a local search tell me concerning the house we're purchasing in Blackfriars?
Blackfriars conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search is essential in every Blackfriars conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your new home. The search will supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I'm buying a new build house in Blackfriars with a mortgage from Coventry Building Society. The sellers refused to budge the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not inform my conveyancer about this deal as it would put at risk my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Over the last few months I have been searching for a flat up to £195,000 and found one near me in Blackfriars I like with a park and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Blackfriars in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you need a mortgage the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.
Is it best to appoint a Blackfriars conveyancing solicitor in close proximity to the house I am buying? I have an old university friend who can handle the legal formalities however they are based a couple of hundredmiles drive away.
The primary upside of using a local Blackfriars conveyancing practice is that you can visit the firm to execute documents, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and in the main were happy that must outweigh using an unknown Blackfriars conveyancing solicitor solely due to them being based in the area.