I am in a contract race with another buyer for a property in Freshwater. What can I do to speed up matters?
First, If the seller is applying pressure for your conveyancing it is highly recommended that your lawyer is familiar with the area as they will benefit local relationships and insight. It is even conceivable that they may have handled previoushouses in the same road. Therefore consider using a Freshwater conveyancing lawyer. Second, ensure that the lawyer is on the lender panel. It is claimed that 18% of Freshwater conveyancing transactions are held up or jeopardised after finding out that a buyer’s conveyancer was not on their mortgage lender’s list of approved solicitors. In many cases this discovery resulted in the buying process being delayed by almost 21 days. It is understood that this issue impacts in the region of one hundred thousand home moves every year. Many Freshwater conveyancing firms can not act for certain banks so do check as early as possible.
I am assisting my aunt sell her property in Freshwater. Will the conveyancer arrange an EPC or it is for me to see to?
Following the demise of Home Packs, energy performance certificates was kept a mandatory part of moving house. An energy performance certificate must be to hand prior to the property being marketed. It is not something that law firms ordinarily organise. If you are instructing a Freshwater conveyancing lawyer they might be able to arrange energy assessments due to their contacts with reputable local energy assessors
We have a mortgage agreed in principle with Lloyds. Freshwater conveyancing solicitors are selected. What is the average time that one could expect to receive a mortgage offer from Lloyds?
Some lenders take longer than others. Have Lloyds done the valuation? Have you informed Lloyds as to your lawyers' details and checked that your lawyers are on the Lloyds conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Aldermore have agreed my home loan in principle, my bid on a apartment in Freshwater has been agreed to, what are the next steps?
The estate agent will need to be advised as to your conveyancing practitioner's details (ensure that the conveyancers are on the bank’s approved list). Telephone Aldermore or the financial adviser and finalise any relevant documentation. Aldermore will sellect a valuer who will get in touch with the selling agent or seller to book an appointment. Once carried out (assuming no problems) it takes on average a week for the mortgage offer to be issued. Aldermore will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Freshwater.
Should my lawyer be raising questions about flooding as part of the conveyancing in Freshwater.
Flooding is a growing risk for conveyancers dealing with homes in Freshwater. There are those who purchase a property in Freshwater, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate insurance cover, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a numerous searches that may be initiated by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Freshwater. The standard completed inquiry forms supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the vendor to find out whether the premises has suffered from flooding. If the residence has been flooded in past and is not revealed by the owner, then a purchaser may commence a claim for damages stemming from an inaccurate response. The purchaser’s conveyancers should also order an environmental search. This should higlight whether there is any known flood risk. If so, more detailed investigations will need to be made.
2 months have gone by since my purchase conveyancing in Freshwater concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £215,000. 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 asset 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'm purchasing a new build house in Freshwater with the aid of help to buy. The builders would not reduce the price so I negotiated 6k of extras instead. The estate agent suggested that I not disclose to my conveyancer about the deal as it may adversely affect my mortgage with the bank. Is this normal?.
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.
Hoping to buy a property located in Freshwater and I am already nervous. I couldn't find anything specific about Freshwater. Conveyancing will be needed in due course but do you know about the Freshwater area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Freshwater. In the meantime here are some basic statistics that we found