We're in Craven Arms, First timers buying with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm the sole beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Craven Arms. Conveyancing formalities meant that the Land Registry date was in November. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the house in November. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be impacted by that. many lenders would take a pragmatic view as this provision principally exists to pick up on subsales or the wholesaling and assigning of properties.
Are all Craven Arms Conveyancing Quality Solicitors on the Nottingham conveyancing panel?
Some major lenders now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.
I have paid off my mortgage with Nottingham. I assume I don't need a Craven Arms solicitor on the Nottingham panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Nottingham mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Nottingham mortgage from the register. Nottingham, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Nottingham has sent the Land Registry the discharge electronically, and
- Nottingham has instructed the Land Registry to do so
Will my lawyer be raising enquiries concerning flooding as part of the conveyancing in Craven Arms.
Flooding is a growing risk for lawyers dealing with homes in Craven Arms. Plenty of people will purchase a property in Craven Arms, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that can be undertaken by the buyer or by their conveyancers which will figure out the risks in Craven Arms. The conventional set of information supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to discover whether the property has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the vendor, then a buyer could bring a compensation claim resulting from an incorrect response. A purchaser’s lawyers should also conduct an enviro search. This will reveal whether there is any known flood risk. If so, further inquiries should be conducted.
Are there restrictive covenants that are commonly picked up during conveyancing in Craven Arms?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Craven Arms. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Craven Arms benefiting from help to buy. The sellers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not to tell my conveyancer about the deal as it will put at risk my mortgage with Barnsley Building Society. 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.
When it comes to my conveyancing in Craven Arms should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Craven Arms conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.