Why do I have to pay up front for conveyancing in Margate?
Where you are retaining lawyers for conveyancing in Margate your lawyer will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is as part of the purchase price then this will be needed shortly before contracts are exchanged. Any further balance that is due should be sent to your lawyer shortly before completion.
we are a couple who decided to purchase a purpose built apartment in Margate with a loan from Birmingham Midshires.We have a Margate conveyancing practitioner but Birmingham Midshires says her practice is not listed on their "panel". It seems we are left with little choice but to instruct a Birmingham Midshires panel lawyer or retain our high street solicitor and pay for a Birmingham Midshires panel lawyer to represent them. This seems very unfair; is there anything we can do?
No, not really. The home loan offered to you is subject to its various provisions, a common one being that lawyers must be on the Birmingham Midshires conveyancing panel. in the past, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for Birmingham Midshires
My bid for a property was accepted at auction in Margate. Conveyancing is required. What are my next steps?
Having legally bound yourself to purchase you now have to appoint a conveyancing practitioner soon as you now have a tight a fixed date to complete the transaction. All auction property will ordinarily have a bespoke auction pack. This will include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold premises the legal pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to leasehold premises. You must pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in order to complete on the on the contractual date .
I'm the sole beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Margate. Conveyancing formalities meant that the Land Registry date was in July. I plan to dispose of the house. I understand that there is a CML 6 month 'rule', which means that my property ownership will be considered the same way as though I had purchased the property in July. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires 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 could be affected by that. many lenders would take a sensible view as this obligation is principally there to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
We have agreed to purchase a house in Margate. One unusual aspect is that the roof has a solar panel. Yorkshire BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Yorkshire BS your lawyer must check the conveyancing requirements contained in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook includes minimum requirements for solar panel roof-space leases, and solicitors are required to report to Yorkshire BS where a lease does not meet these conditions. The specifications relate to the installation of panels on properties in England and Wales and is not restricted to Margate.
I'm purchasing my first flat in Margate benefiting from help to buy. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The property agent advised me not to tell my lawyer about the side-deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
How can the Landlord & Tenant Act 1954 affect my commercial property in Margate and how can your lawyers assist?
The 1954 Act affords security of tenure to business tenants, granting the a statutory right to make a request to court for a new tenancy and remain in occupation when the lease comes to an end. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Margate is one of the hundreds of areas of the UK in which the firms we work with are located
I am thinking of using an online solicitor rather than a Margate conveyancing practice. Any advice?
Numerous benefits exist in being able to pop in to a local Margate conveyancing solicitor for instance
- signing papers on short notice
- sometimes being able to speak to someone face-to-face can make a huge difference, particularly for non-standard transactions
- the ability to complain if matters go pear-shaped
When comparing estimates, look out for hidden extras. The majority decent Margate high street solicitors give an all-inclusive price. Often online companies appear to offer low cost prices, but have hidden 'extras' in the in the terms and conditions.