The Burton Bradstock conveyancing solicitors that just started acting on my house acquisition in Burton Bradstock have suddenly shut down. I only went with them because I needed a lawyer on the Yorkshire BS conveyancing panel and my previous Burton Bradstock lawyer was not. I paid them money in advance. What are my options?
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. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Yorkshire BS 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.
Various web forums that I have come across warn that are the main reason for obstruction in Burton Bradstock house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Burton Bradstock.
I am purchasing a new build house in Burton Bradstock benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my solicitor about this extras as it could put at risk my mortgage with the bank. Is this normal?.
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 decided to have a survey completed on a property in Burton Bradstock ahead of instructing conveyancers. I have been told that there is a flying freehold element to the property. Our surveyor has said that some mortgage companies will not give a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Nationwide. If you call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Burton Bradstock. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Burton Bradstock. I happened to stumble upon a site which appears to be the perfect answer If there is a chance to get all the legals completed via email that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
We are midway through buying a residence in Burton Bradstock. Conveyancing solicitor has phoned to say the title is "Leasehold". Should this impact the salability of the property?
Burton Bradstock conveyancing does not normally involve leasehold houses. The key consideration here is the length of lease and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the value significantly.
At the other extreme, if it's, say, Sixty years it will have a material impact on the value, and most likely wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease to be supplied to your solicitor.