When does exchange of contracts occur in residential conveyancing in Prestbury and do I need to be at the conveyancers office?
Where you are local to our conveyancing solicitors in Prestbury you are invited in to sign contracts. That being said, the lender approved solicitors we recommend provide a countrywide conveyancing service and provide just as comprehensive and professional a job for you when dealing with you electronically. The executing of the contract is not the point of no return. A signed contract is necessary for the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Prestbury)to be in the office available at the end of the phone to exchange contracts.
I am considering applying for a Nationwide mortgage for purchase of a newly converted (under development) in Prestbury with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nationwide ?
There is nothing to stop you using your solicitor, but Nationwide will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
We are due to move house in December. Will my conveyancing solicitor call the removal company on the completion day. On a separate note, can you recommend a removal company in Prestbury. Conveyancing firm was found before I stumbled across your website.
On the day of completion you will need to collect the keys from your property agent but this can only take place after the sellers conveyancers confirm to the agent that the monies to complete are in and the keys can be passed over. After that you should tell the removal men that you are ready to move in. We are not in a position to recommend a particular removal company but can assist you in finding a conveyancing in Prestbury or a lawyer with expertise in conveyancing in Prestbury.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Prestbury bank branch on numerous occasions and was told they are content with the situation and they would lend. My Prestbury conveyancing solicitor - who is on the bank conveyancing panel- called and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Your conveyancing practitioner must comply with the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I was told two weeks ago that my mortgage has been agreed to by RBS. Is it usual for RBS to only issue the offer once my solicitor in Prestbury is approved on their conveyancing panel? RBS have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for RBS to deal with your lawyer's application to be on the RBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
We are intent on selling our home in Prestbury and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers are using a factory type conveyancing firm as opposed to a conveyancing solicitor in Prestbury. Having lived in Prestbury for 4 years we know that this is a non issue. Should we get in touch with our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing lawyer already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I am buying my first flat in Prestbury with a mortgage from Aldermore. The builders would not reduce the amount so I negotiated 6k of additionals instead. The property agent told me not to tell my lawyer about the extras as it may jeopardize my mortgage 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 have been on the look out for a flat up to £305k and found one close by in Prestbury I like with a park and transport links in the vicinity, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Prestbury in this price bracket, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.