I am under pressure from the mortgagee in possession of a property in Brynford to sign contracts within four weeks. What can be done to speed up the conveyancing process?
First, If you are under time constraints to exchange it is highly recommended that your lawyer is familiar with the area as they will have local connections and insight. It is even conceivable that they may have handled previousproperties in the same street. Therefore consider using a Brynford conveyancing firm. Second, make sure that the lawyer is on the member panel. It is believed that 18% of Brynford conveyancing transactions are delayed or derailed after finding out that a purchaser’s conveyancer was not on their mortgage lender’s panel. In many cases this discovery resulted in the home move being delayed by almost three weeks. It is said that this issue impacts approximately one hundred thousand home sales annually. Almost all Brynford conveyancing practices can not act for certain lenders so do check at the outset.
The Brynford conveyancing lawyers that just started acting on my house acquisition in Brynford have without warning shut down. I only went with them because I needed a firm on the Santander conveyancing panel and my previous Brynford lawyer was not. I paid them money in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know straight away so that they advise the vendors that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
It has been three months following my purchase conveyancing in Brynford completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Brynford with the aid of help to buy. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The property agent advised me not to tell my solicitor about this extras as it could jeopardize my mortgage with the bank. 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.
I opted to have a survey carried out on a property in Brynford prior to appointing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some mortgage companies tend refuse to grant a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you contact us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Brynford. Conveyancing will be smoother if you use a solicitor in Brynford especially if they regularly deal with such properties in Brynford.
I am in the process of purchasing my first house in Brynford. Conveyancing solicitor has been chosen. The mortgage adviser pointed out that a survey is not needed as the property was only constructed in 1997.
As the bare minimum you need a Home Buyer's Report. Given the residence is more than 10 years old the property will not benefit from a warranty, so you would be well advised not to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report may be enough. The report should highlight any apparent problems and suggest additional investigation where appropriate. Where there are any signs of material issues seek a full Building Survey from the beginning.