I am purchasing a newly constructed apartment in Monmouth and my conveyancer is advising me that she is duty bound to the mortgage company to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I would rather not prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will conveyancers request money up-front when it comes to conveyancing in Monmouth?
Where you are retaining lawyers for conveyancing in Monmouth your lawyer will ask you to provide them with funds to cover the search fees. Ordinarily this is needed to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this should be needed immediately in advance of exchange of contracts. The closing balance that is needed should be sent to your lawyer shortly before completion.
This question may be naive but I am unexperienced as a first time buyer of a ground floor flat in Monmouth. Do I pick up the keys to the house on the completion date from my lawyer? If this is the case, I will find a High Street conveyancing solicitor in Monmouth?
There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will electronically transfer the completion advance to the vendor’s solicitors, and once they have received this, you will be called to collect the keys from the property Agents and start moving into the property. Usually this occurs early afternoon.
When it comes to mortgage companies such as Barclays, do Monmouth property lawyers incur an annual charge to be on the list of approved solicitors?
We are not aware of any bank fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Having read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Monmouth solicitor - who is on the Yorkshire BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Monmouth surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Are there restrictive covenants that are commonly picked up during conveyancing in Monmouth?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Monmouth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Is there anything unique about your site and other web based conveyancing solicitors for conveyancing in Monmouth?
At this site secure a conveyancing quote from a Solicitor or Licensed Conveyancer that appreciates the issues for your conveyancing in Monmouth. Unlike many estate agents and brokerage sites we do not charge firms a commission if you select them for your property ownership legalities in Monmouth
What if there is an issue with the searches conducted as part of my conveyancing in Monmouth?
Ordinarily, almost all problems arising from Monmouth conveyancing search results can be dealt with ahead of completion or indemnity insurance can be put on cover. You should note that regardless of the fact that you are purchasing the premises and might be content to live with the search results, your building society or bank may not, and when all said and done they have the final say.