I am in a contract race with another prospective purchaser for a property in Finchampstead. What can I do to accelerate the legal process?
First, If the seller is applying time constraints for your conveyancing it is highly recommended that your solicitor is familiar with the area as they will benefit local relationships and insight. It is possible that they could have conducted previoushouses in the same street. You would be best advised to use a Finchampstead conveyancing lawyer. Second, ensure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that nearly one in five of Finchampstead conveyancing transactions are frustrated or derailed after finding out that a buyer’s solicitor was not on their banks member panel. In many cases this discovery resulted in the conveyancing being frustrated by almost three weeks. It is understood that this issue affects in the region of one hundred thousand home moves annually. Most Finchampstead conveyancing practices can not represent certain mortgage companies so do check as early as possible.
I am the only recipient of my late grandmother’s will with all property in now in my sole name, including the my former home in Finchampstead. The Finchampstead property was put into my name in October. I want to move. I understand that there is a CML six month 'rule', meaning my property ownership will be considered the same way as though I had purchased the property in October. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be impacted by that. How sensible a view mortgage companies take of it, depend on the bank as this requirement primarily exists to pick up on the purchase and immediately sell or the flipping of property.
Is it correct that all Finchampstead CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing panel?
A selection of banks and building societies now make use of CQS as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however gives 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 panels.
Two weeks ago we had a mortgage agreed in principle with RBS. Finchampstead conveyancing practitioners have been selected. How long does it take for RBS to forward the offer to the lawyer?
There is no definitive answer here. Have RBS done the survey? Have you advised RBS as to your lawyers' details and checked that your lawyers are on the RBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
Do commercial conveyancing searches disclose planned roadworks that may affect a commercial site in Finchampstead?
Its becoming the norm that commercial conveyancing solicitors in Finchampstead will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Finchampstead. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Finchampstead.
For every commercial conveyancing transaction in Finchampstead it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could cause delays to Finchampstead commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for domestic conveyancing in Finchampstead.
I have a renovated Edwardian house in Finchampstead. Conveyancing practitioner acted for me and Alliance & Leicester . I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the matching property. Is it worth asking Alliance & Leicester to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Finchampstead and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the work.
I am looking for a ground for flat up to £305k and identified one close by in Finchampstead I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in Finchampstead suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.
I need to appoint a conveyancing solicitor for purchase conveyancing in Finchampstead. I happened to chance upon a site which looks to be the perfect solution If there is a chance to get all this stuff completed via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?