Finally the sale completed on my house in Locksbottom last March yet the purchaser is telephoning me complaining that her lawyer is waiting to hear from mysolicitor. What are the post completion sale formalities now that I have sold?
Following your disposal your solicitor should send the transfer documentation and all of the paperwork to the buyer’s lawyers. Where relevant, your solicitor should also confirm that the mortgage has been redeemed to the purchasers lawyers. There is unlikely to be post completion formalities peculiar conveyancing in Locksbottom.
I am considering applying for a Barclays mortgage for purchase of a new build (under development) in Locksbottom with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.
I am being advised by my conveyancer that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Locksbottom?
The right level of flying freehold indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Leeds Building Society. Conveyancing practitioners as opposed to members of the public take out such insurances.
Is it correct that all Locksbottom CQS (Conveyancing Quality Scheme) solicitors are on the Lloyds conveyancing list of approved solicitors?
A selection of lenders now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Last month we had a mortgage agreed in principle with Yorkshire BS. Locksbottom conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Yorkshire BS?
Some lenders take longer than others. Have Yorkshire BS conducted the valuation? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am purchasing a new build house in Locksbottom with a loan from Virgin Money. The sellers would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not inform my lawyer about the extras as it may impact my loan with Virgin Money. 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've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a simple, chain free conveyancing. Locksbottom is where the house is located. Is there any advice you can impart?
Flying freeholds in Locksbottom are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Locksbottom you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Locksbottom may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
How can the Landlord & Tenant Act 1954 affect my business offices in Locksbottom and how can your lawyers assist?
The 1954 Act gives protection to commercial tenants, giving them the a statutory right to make a request to court for a new lease and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Locksbottom is one of the many locations in which the firms we work with are based