My wife and I are acquiring a newly constructed flat in Midsomer Norton and my solicitor is advising me that she is duty bound to the mortgage company to reveal incentives from the builder. I am on a tight deadline to exchange and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
The Midsomer Norton conveyancing solicitors that just started acting on my purchase in Midsomer Norton have suddenly closed. They were on acting for me because I needed a lawyer on the RBS conveyancing panel and my previous Midsomer Norton lawyer was not. I paid them funds on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the RBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.
Have just purchased a probate house at auction in Midsomer Norton. Conveyancing is necessary. What are my next steps?
Now that you are to in every practical sense signed on the dotted line you should retain a conveyancing solicitor soon as you are facing a tight a drop dead date to complete the property. All auction property should have an associated auction set of papers. This will include most,if not all of the documents that your lawyer requires. If you have purchased leasehold premises the legal pack should provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. Do make sure that you have funds in place to complete on the on the contractual date .
The mortgage over my property is with Virgin Money for my property in Midsomer Norton. Conveyancing has been completed some time ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel lawyer.
I recently had an offer agreed on an apartment in Midsomer Norton. My mortgage broker suggested a conveyancer. I paid an on account payment of £175. A few days later, the lawyer called me embarrassingly acknowledging that they were not on the Coventry BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Coventry BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Due to the advice of my in-laws I had a survey completed on a property in Midsomer Norton ahead of retaining solicitors. I have been told that there is a flying freehold element to the property. My surveyor advised that some mortgage companies may refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Santander has different instructions from Nationwide. Should you wish to telephone us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Midsomer Norton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Midsomer Norton to see if the conveyancing costs will increase in light of this.
How do I identify a Midsomer Norton solicitor on the Norwich and Peterborough Building Society conveyancing panel? I have a car and am prepared to travel upto 25miles to meet the conveyancer.
Feel free to make use of the search on this page. Please select a bank and your location and you will see a number of Midsomer Norton conveyancing lawyers located nearest you. We have detailed some Midsomer Norton conveyancing firms towards the end of this page and you can ring them to check if they are on the Norwich and Peterborough Building Society member panel
Two months into purchasing a house in Midsomer Norton. Conveyancing lawyer has told us the title is "Leasehold". Should this impact the salability of the property?
Midsomer Norton conveyancing does not normally involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's almost the same as freehold, so it shouldn't impact the marketability too much.
At the other end of the spectrum, if it's, say, Sixty years it is bound to have a adverse effect on the value, and probably wouldn't be acceptable to the bank. The remaining lease term and ground rent will be specified in the lease provided to your lawyer.