My wife and I are hoping to buy a house in East Dean and are in fact using a East Dean conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Leeds Building Society have this morning contacted us to advise us that there is now an issue as our East Dean lawyer is not on their conveyancing panel. Is this a problem?
Where you are buying a property requiring a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. 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 lender’s conveyancing panel and you may continue to use your own East Dean solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
I am purchasing a new build house in East Dean with the aid of help to buy. The builders would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The property agent advised me not disclose to my solicitor about the side-deal as it would adversely affect my loan 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.
Due to the guidance of my in-laws I had a survey completed on a property in East Dean ahead of appointing lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks tend not grant a mortgage on this type of property.
It depends who your proposed lender is. HSBC has different instructions from Birmingham Midshires. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in East Dean. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking for a conveyancing lawyer in East Dean for my house move. Is there any facility to review a solicitor's complaints history with the legal regulator?
One can read published Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after 1 January 2008. Go to Check a solicitor's record. For details Pre 2008, or to check a firm's history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.
I’m about to sell my basement flat in East Dean. Conveyancing lawyers have not yet been instructed, but I have recently had a quarterly maintenance charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as you normally would given that all rents and maintenance charges should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Leasehold Conveyancing in East Dean - Sample of Queries Prior to Purchasing
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If a East Dean lease has fewer than eighty years it will impact the value of the property. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you would be be obliged to have owned the premises for a couple of years before you are entitled to exercise a lease extension. It would be wise to find out as much as you can about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the cleanliness of the common parts. Enquire of other tenants whether they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending that money.
Is there a reason that East Dean conveyancing fees are more expensive for leasehold and freehold properties?
Leasehold conveyancing in East Dean will often involve additional work including reviewing the lease, liaising with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts amongst other tasks.