I am about to complete buying a property in Potters Bar but as a consequence of wreckage from some water damage at the property I have was able negotiate compensation from the seller in the sum of six thousand pounds taking the form of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process however Leeds Building Society will not agree to this. Should they have been informed?
Any conveyancing practitioner that is on a Leeds Building Society conveyancing panel is required to inform Leeds Building Society of any amendments to the sale price. If you prohibit your solicitor to report the price change to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Potters Bar.
I am the only beneficiary of my late grandmother’s will and I have everything in my name alone, including the house in Potters Bar. The Potters Bar property was put into my name in August. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in August. Is the property unsalable for six months?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Some mortgage companies would take a sensible view as this requirement is primarily there to pick up on subsales or the quick reselling of property.
My husband and I are at the point of viewing flats in Potters Bar and I am about to put in an offer. Should I already have a lawyer appointed at this stage? I intend to finance via a home loan with Nationwide.
You should start obtaining conveyancing quotes from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their contact information on to the selling agent. As you are taking out a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
I can not fathom if my bank requires a lease extension. I have telephoned my Potters Bar bank branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Potters Bar conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend based on their published requirements. I have no idea who is right.
Provided that the conveyancing practitioner is on the mortgage company approved list, they must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing my first flat in Potters Bar with a mortgage from Clydesdale. The developers refused to move on the price so I negotiated five thousand pounds worth of extras instead. The house builders rep told me not to tell my lawyer about the deal as it would jeopardize my loan with the bank. 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.
I opted to have a survey completed on a property in Potters Bar before retaining lawyers. I have been told that there is a flying freehold element to the property. Our surveyor advised that some banks will not give a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Potters Bar. Conveyancing will be smoother if you use a solicitor in Potters Bar especially if they regularly deal with such properties in Potters Bar.
I am thinking of appointing a conveyancing solicitor in Potters Bar for my house move. Is it possible to check a solicitor's complaints history with the legal regulator?
One can read documented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's history, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, call +44 (0)121 329 6800. The SRA sometimes recorded telephone calls for training reasons.
I have today had an offer accepted on an apartment in Potters Bar and the mortgage adviser that we are using recommended his conveyancer. They quoted £800 including VAT and disbursements. Does this sound expensive?
Don't just go on 1 estimate. One should seek like-for-like quotes for your conveyancing in Potters Bar. Then pick one that you trust and crucially, is on the approved panel of the mortgage company that you have applied for a mortgage from.