Much to our surprise we have been notified by our broker that my Old Woking lawyer is not on the mortgage company Conveyancing panel. How can I check?
The first thing you need to do is to contact your Old Woking conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
My son-in-law is buying a newly built flat in Old Woking with a home loan from Nationwide. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Nationwide conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Nationwide conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I had a mortgage agreed in principle with Nottingham. Old Woking conveyancing solicitors were chosen. What is the average time that one could expect to receive a mortgage offer from Nottingham?
There is no definitive answer here. Have Nottingham conducted the valuation? Have you informed Nottingham as to your lawyers' details and checked that your lawyers are on the Nottingham conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am due to exchange contracts on my apartment. I had a double glazing fitted in August 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nationwide are being difficult. The Old Woking solicitor who is on the Nationwide conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nationwide are insisting on a building regulation certificate. Why do Nationwide have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nationwide have referred the matter to their valuer. The reason why Nationwide may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
At last I have had an offer on a maisonette in Old Woking agreed to, the sellers do however have an associated purchase. The owners have placed an offer on on an apartment, however it’s not been accepted yet, and are looking at other apartments in the pipeline. I have selected a high street conveyancing solicitor in Old Woking. What should be my next step? When do I get the mortgage application with Principality going?
It is understandable to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is approx £1k, then valuation, Old Woking conveyancing search costs, etc). First, you must ensure that your conveyancing practitioner is on the Principality approved list. Regarding the subsequent phase this very much dictated by the uniqueness of your transaction, motivation for the property and on the state of the market. During a buoyant market the majority of purchasers will apply for a home loan with Principality and arrange for the valuation and only if it comes back ok would they request their solicitor to move forward with the conveyancing in Old Woking.
Various internet forums that I have frequented warn that are a common reason for hinderance in Old Woking conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Old Woking.
I am looking for a leasehold apartment up to £245,000 and identified one round the corner in Old Woking I like with a park and railway links in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Old Woking in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this matter.
Last October I purchased a leasehold property in Old Woking. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Old Woking Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Does this lease have in excess of 82 years remaining? Who takes charge for maintaining and repairing the building? Are any of leasehold owners in arrears of their service charge liability?