I have just been advised by my mortgage adviser that my Fairwater solicitor is not on the mortgage company Conveyancing panel. What can I do to be certain if this is indeed the case?
Your first step should be to call your Fairwater conveyancer. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your bank.
four months have elapsed since my purchase conveyancing in Fairwater took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. 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 am buying my first flat in Fairwater with a loan from Barnsley Building Society. The builders would not move on the price so I negotiated £7000 of extras instead. The house builders rep told me not reveal to my conveyancer about the extras as it would affect my mortgage with the lender. 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 recommended by a number of property agents in Fairwater to locate a solicitor using your seach tool. What’s the financial inducement for Estate Agents to promote your services over another?
We don’t make any referral fee for sending work to this site. We thought it would be too underhand a fee as home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
My cousin has suggested that I use his conveyancers in Fairwater. Should I find my own solicitor?
Much as we are happy to recommend a Fairwater conveyancing lawyer the best way to select a conveyancing solicitor is to get recommendations from friends or relatives who have experience in using the conveyancer you're considering.
Do you have any top tips for leasehold conveyancing in Fairwater from the point of view of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Fairwater can be bypassed where you instruct lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers. Many freeholders or managing agents in Fairwater levy fees for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to receive management information is three weeks. It is the most usual reason for delay in leasehold conveyancing in Fairwater. A minority of Fairwater leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unsettled. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to ongoing.
Fairwater Conveyancing for Leasehold Flats - A selection of Questions you should consider before buying
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Are there any major works in the planning that will likely increase the service costs? Where a Fairwater lease has no more than eighty years it will have adverse implications on the marketability of the property. Check with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease at some point and it is worth discovering what this would cost. For most Fairwaterlease extensions you will be be obliged to have owned the property for 24 months in order to be eligible to carry out a lease extension. You should want to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. As the proprietor of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to daily matters such as the upkeep of the communal areas. Don't be afraid to ask other tenants whether they are happy with them. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the managing agents and precisely what it includes.