My fiance and I are hoping to acquire a home in Camberley and have instructed a Camberley conveyancing practice. Within the past 48 hours our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. Nottingham Building Society have this afternoon contacted us to inform me that there is now an issue as our Camberley lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Camberley solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.
I am buying a house and need a conveyancing solicitor in Camberley who is on the Nationwide Building Society conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Nationwide Building Society in certain locations such as Camberley. We dont recommend any particular firm.
I acquired my home on 1 March and the transaction details is yet to be on the land registry website. Should I be concerned? My conveyancing solicitor in Camberley expressed confidence that it should be recorded in less than a month. Are titles in Camberley particularly slow to register?
There is nothing unique about conveyancing in Camberley registration formalities. Rather than based on location, timeframes can differ according to who lodges the application, whether it is in order and if the Land registry communicate with any 3rd parties. As of today in the region of three quarters of submission are fully addressed within two weeks but occasionally there can be longer hold-ups. Registration is effected after the buyer is living at the property thus registration formalities is not always top priority yet where it is urgent that the the registration takes place urgently then you or your conveyancer could communicate with the Registry to express the reasoning for an expedited registration.
I am buying my first flat in Camberley with the aid of help to buy. The builders refused to move on the price so I negotiated 6k of additionals instead. The property agent told me not to tell my lawyer about the side-deal as it may 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one round the corner in Camberley I like with amenity areas and transport links in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Camberley in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
Why do Camberley conveyancing fees are higher for leasehold and freehold properties?
If buying a leasehold property there is more work involved purely due to the fact that usually there are further parties involved in the form of the freeholder and/or Management Agents. As part of a lawyers enquiries they will check that all ground rent and service charges are paid up to date amongst other general leasehold matters. For this reason, the Sellers lawyers usually have to refer to the freeholder or Managing Agent for their replies to our questions. This may be time consuming and beyond the lawyers control