My wife and I are buying a newly constructed flat in Breaston and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to exchange and my preference is not to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Why do I have to pay up front when it comes to conveyancing in Breaston?
If you are buying a property in Breaston your lawyer will request that you to provide them with monies to cover the search fees. Generally this is requested to cover the fees of the conveyancing searches. When the deposit is payable against the total price then this will be asked for immediately before contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
What happens if my lawyer’s firm is suspended from the Co-operative Conveyancing panel ahead of completing my conveyancing in Breaston?
The first thing to point out is that, 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 at a cost.
This question may be naive but I am unseasoned as FTB of a ground floor flat in Breaston. Do I receive the keys to the premises on completion from my lawyer? If this is the case, I will instruct a High Street conveyancing solicitor in Breaston?
On the day of completion you will not be required to go to the conveyancers office in Breaston. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you should be invited to receive the keys from the Estate Agents and start moving into the property. Usually this occurs early afternoon.
Two weeks ago we had a mortgage agreed in principle with Santander. Breaston conveyancing solicitors have been chosen. What is the average time that one could expect to receive a mortgage offer from Santander?
Some lenders take longer than others. Have Santander conducted the survey? Have you advised Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
About to purchase maisonette in Breaston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Leeds Building Society conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Breaston conveyancer is on the Leeds Building Society conveyancing panel.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Breaston I like with open areas and railway links in the vicinity, the downside is that it only has 51 years on the lease. There is not much else in Breaston suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
I'm converting the mortgage on my existing house to a BTL mortgage with The Mortgage Works and I will use the ballance of the raised equity as a down payment on further house. The location we are looking at is Breaston. Will your lawyers be able to act for the two banks and link together the transactions?
Make use of our comparison tool on this site to check that the solicitors are on the relevant lender panels. On the basis that they are the conveyancer should be able to tie up the two conveyancing matters but you should have a chat with you solicitor and make apparent your expectations and needs.