What is the first thing I need to know about purchase conveyancing in Bury St Edmunds?
Not many law firms shout this from the rooftops but conveyancing in Bury St Edmunds and elsewhere in Suffolk is often a confrontational experience. In other words, when it comes to conveyancing there exists an abundance of room for friction between you and others involved in the ownership transfer. For example, the seller, selling agent and on occasion a bank. Selecting a law firm for your conveyancing in Bury St Edmunds is a critical decision as your conveyancer is your adviser, and is the SOLE party in the transaction whose role it is to protect your legal interests and to keep you safe.
There is a worrying increase of a "blame" culture- someone must be blamed for the process taking so long. We recommend that you should always trust your solicitor above the other players in the home moving process.
I am purchasing a right to buy a flat in Bury St Edmunds. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Bury St Edmunds you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bury St Edmunds.
The mortgage over my property is with UBS for my property in Bury St Edmunds. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
UBS must be informed of your intention prior to renting your property as this is likely to be a breach of UBS’s mortgage conditions. It may be that UBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. It should not be necessary to do this via a UBS conveyancing panel solicitor.
Completion of my remortgage has taken place for my property in Bury St Edmunds. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are sorted out effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.
I am selling my flat. I had a double glazing fitted in May 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Santander are being a right pain. The Bury St Edmunds solicitor who is on the Santander conveyancing panel is saying indemnity insurance will be fine but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
3 months have gone by since my purchase conveyancing in Bury St Edmunds concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. 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 premises 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 purchasing a new build house in Bury St Edmunds with a mortgage from Alliance & Leicester . The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not reveal to my lawyer about the extras as it could jeopardize my loan with the lender. Is this normal?.
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 have been on the look out for a ground for flat up to £305k and identified one near me in Bury St Edmunds I like with a park and station nearby, however it only has 52 years on the lease. There is not much else in Bury St Edmunds for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.