We see that you have a search directory identifying firms on the Co-operative conveyancing panel. Do firms pay you a commission if I retain them for our own conveyancing in Bury St Edmunds?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Bury St Edmunds.
Various internet forums that I have come across warn that are the number one cause of obstruction in Bury St Edmunds conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of holding up conveyancing in Bury St Edmunds.
I am buying my first flat in Bury St Edmunds benefiting from help to buy. The sellers refused to move on the price so I negotiated £7000 of extras instead. The sale representative advised me not to tell my solicitor about this extras as it may adversely affect my loan with Platform Home Loans Ltd. 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 Bury St Edmunds before instructing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some lenders may not issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bury St Edmunds. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bury St Edmunds to see if the conveyancing costs will increase in light of this.
How easy is it to use your search facility to find a conveyancing solicitor in Bury St Edmunds on the approved list for my mortgage?
Step one is to choose a bank such as HSBC Bank, The Mortgage Works or Aldermore then type in your preferred area such as Bury St Edmunds. Conveyancing practices in Bury St Edmunds and across England and Wales should be identified.
I've recently bought a leasehold house in Bury St Edmunds. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Bury St Edmunds - A selection of Queries Prior to Purchasing
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Where a Bury St Edmunds lease has no more than eighty years it will impact the value of the flat. It is worth checking with your lender that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering how much this will be. For most Bury St Edmundslease extensions you would need to own the residence for a couple of years before you are legally able to extend the lease. This information is important as a) areas can result in problems in the building as the common areas may begin to deteriorate where services are not paid for b) if the tenants have an issue with the running of the building you will need to know about it What is the service charge and ground rent on the flat?