I am getting a offer of a home loan from Lloyds. I would like to instruct a Licensed Conveyancer in Fradley. Does the Lloyds Solicitor panel include Licensed Conveyancers?
The Lloyds conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I'm the sole recipient of my late father’s estate with all property in now in my sole name, including the house in Fradley. Conveyancing formalities meant that the Land Registry date was in April. I want to move. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the property in April. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How sensible a view banks take of it, depend on the lender as this clause principally exists to identify subsales or the wholesaling and assigning of property.
I'm at the point of looking at apartments in Fradley and I am now considering a potential offer. Is it best to have my property lawyer on ‘stand by’? I intend to finance via a mortgage with Nottingham.
You should start obtaining conveyancing quotes from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. As you are taking out a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
At last I have had an offer on an apartment in Fradley agreed to, but there is a chain. The sellers have placed an offer on on an apartment, but it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Fradley. What should be my next step? At what point do I apply for the mortgage with Nationwide?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx £1k, then valuation, Fradley conveyancing search fees, etc). First, you should check that your conveyancing practitioner is on the Nationwide approved list. Regarding the next steps this very much depends on the specifics of your transaction, motivation for this property and on the state of the market. During a buoyant market many purchasers would apply for the mortgage with Nationwide and arrange for the valuation and only if it was satisfactory would they ask their conveyancer to press on with searches.
Will our solicitor be asking questions regarding flooding as part of the conveyancing in Fradley.
Flooding is a growing risk for lawyers dealing with homes in Fradley. There are those who purchase a house in Fradley, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not best placed to offer advice on flood risk, however there are a numerous checks that can be initiated by the purchaser or by their conveyancers which can give them a better understanding of the risks in Fradley. The conventional set of completed inquiry forms supplied to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) includes a standard question of the seller to find out if the property has historically flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer may bring a compensation claim resulting from an inaccurate response. The buyer’s lawyers will also commission an enviro search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I'm purchasing a new build house in Fradley with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The house builders rep told me not reveal to my conveyancer about the extras as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a house with a leasehold title in Fradley. Conveyancing advisers have not yet been instructed. Will they explain the issues?
The majority of houses in Fradley are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Fradley so you should seriously consider looking for a Fradley conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’spermission to carry out changes to the property. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
Fradley Leasehold Conveyancing - A selection of Queries before Purchasing
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How much is the ground rent and service charge? The majority of Fradley leasehold apartments will incur a service bill for maintenance of the block levied on behalf of the management company. Should you acquire the flat you will have to meet this charge, usually in instalments accross the year. This may differ from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a rentcharge to be met annual, ordinarily this is not a large sum, say around £25-£75 but you need to enquire as occasionally it could be many hundreds of pounds.
Should I stop my mortgage payments with Barclays as soon as a completion date for my sale in Fradley has been agreed?
No, you should maintain paying any mortgage sums to Barclays until the mortgage is paid off from the proceeds of sale as part of your Fradley conveyancing.