I am under pressure from the mortgagee in possession of a property in Dorking to exchange within four weeks. What can I do to speed up matters?
First, If you are under time constraints for your conveyancing it is advisable to make sure that your lawyer is familiar with the location as they will benefit local relationships and know-how. It is even conceivable that they may have handled otherproperties in the same street. You would be best advised to use a Dorking conveyancing solicitor. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Dorking conveyancing deals are suspended or derailed after finding out that a buyer’s conveyancer was not on their banks panel. In many cases this discovery resulted in the transaction being frustrated by an average of 21 days. It is understood that this issue impacts approximately 100,000 home sales annually. Almost all Dorking conveyancing firms can not represent certain mortgage companies so do check as early as possible.
Last month we had a mortgage agreed in principle with Leeds Building Society. Dorking conveyancing lawyers were selected. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
Some lenders take longer than others. Have Leeds Building Society conducted the valuation? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
We have agreed to purchase a house in Dorking. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Lloyds be concerned?
As your lender is Lloyds your lawyer must comply with the formal requirements outlined in Section two of UK Finance Lenders’ Handbook for Lloyds. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and conveyancing practitioners are required to report to Lloyds where a lease does not meet these requirements. The conditions relate to the installation of panels on properties nationwide and is not restricted to Dorking.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Dorking conveyancing practitioner on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds 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 Lloyds mortgage from the register. Lloyds, 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 Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
My friend suggested that where I am purchasing in Dorking I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Dorking conveyancing searches. It is not a small document of more than thirty pages, listing and setting out important information about Dorking around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Dorking.
I am purchasing a new build house in Dorking with the aid of help to buy. The developers would not budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not to tell my conveyancer about the deal as it would put at risk my loan with Nottingham Building Society. 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 have been on the look out for a flat up to £195,000 and found one near me in Dorking I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Dorking in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
My husband and I are FTB’s - had an offer accepted, yet the selling agent has warned us that the seller will only go ahead if we appoint their chosen solicitors as they want a ‘quick sale’. My instinct tells me that we should use a local conveyancer accustomed to conveyancing in Dorking
It is improbable the sellers are behind this. Should the seller desire ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Speak to the owners direct and explain that (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your preferred Dorking conveyancing lawyers - not the ones that will provide their estate agent a kickback or meet his conveyancing figures demanded by senior management.