Do the Building Society Association intend to launch a searchable register to list solicitors on the Loughborough BS conveyancing panel for example in Old Stratford?
We are not aware of any plans on the part of the BSA to promote such a tool.
I am the single beneficiary of my late mum's estate and I have everything in my name alone, including the my former home in Old Stratford. The Old Stratford property was put into my name in April. I want to move. I do know about the CML 6 month 'rule', meaning my property ownership will be treated the same way as if I'd bought the property in April. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates 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 pragmatic view as this requirement chiefly exists to capture subsales or the quick reselling of property.
We were going to get a DIP from Barclays this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Old Stratford solicitors on the Barclays conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Old Stratford solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
It is unclear whether my lender requires a lease extension. I have called my Old Stratford bank branch on numerous occasions and was advised it wasn't an issue and they will lend. My Old Stratford conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. I have no idea who is right.
Provided that the solicitor is on the mortgage company approved list, they must adhere to the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
three months have elapsed following my purchase conveyancing in Old Stratford 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 property 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.
How does conveyancing in Old Stratford differ for new build properties?
Most buyers of new build property in Old Stratford approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because new home sellers in Old Stratford usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Old Stratford or who has acted in the same development.
Given that I am about to spend 450k on a garden flat in Old Stratford I wish to have a conversation with the lawyer about mytransaction in advance of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you liaising with the solicitor who will be carrying out your property ownership legalities in Old Stratford.There is no ‘factory style conveyancing’ - each client is an important person, not a case reference. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Old Stratford should be the amount on the final invoice that you end up paying.
I have miscalculated my finances and am a couple of grand short a 10% deposit on my house purchase in Old Stratford , but I am keen exchange. What can I do?
One option is to try and accept a smaller deposit. Many property owners will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment