Me and my partner are due to exchange on the purchase of a property in Quedgeley but as a consequence of damage from the recent storms I have managed to agree recompense from the current proprietors of £3k in the form of a reduction in the price. This was going to be dealt with as part of a side agreement yet Bank of Ireland will not permit this. Should they have been informed?
Any property lawyer being on a Bank of Ireland approved list is duty bound to disclose to Bank of Ireland of any changes to the sale price. If you were to refuse your conveyancer to notify the reduction to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new conveyancer for your conveyancing in Quedgeley.
Should lawyers ask for money up-front when it comes to conveyancing in Quedgeley?
Where you are retaining lawyers for conveyancing in Quedgeley your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any down payment is payable against the purchase price then this will be asked for shortly prior to exchange of contracts. Any further balance that is due will be payable shortly before completion.
We previously instructed solicitors with offices in Quedgeley on the Barclays solicitor panel. They have just billed me a further fee for dealing with the Barclays mortgage. Is this an additional conveyancing fee set by Barclays?
Provided it is contained in their Terms of Engagement or Quote then yes your lawyer is entitled to levy a fee for this. The charge is not dictated by Barclays but by your Quedgeley conveyancing practitioner. Some firms on the Barclays panel will charge ’dealing with mortgage’ fee and others do not.
We have a mortgage agreed in principle with HSBC. Quedgeley conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC done the survey? Have you advised HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I can not work out if my mortgage offer requires a lease extension. I have called into my local Quedgeley bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Quedgeley conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they would not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the solicitor is on the mortgage company approved list, they must comply with the CML Handbook requirements for the 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I moved into my apartment on 5 June and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Quedgeley said it will be concluded inside ten days. Are properties in Quedgeley particularly slow to register?
There is nothing unique when it comes to conveyancing in Quedgeley registration formalities. As opposed to being determined by geographic area, timeframes can vary according to the party submitting the application, whether there are errors and if the Land registry must send notices to any 3rd persons or bodies. Currently roughly three quarters of such applications are completed in less than three weeks but some can be subject to protracted hold-ups. Registration occurs once the purchaser is living at the premises so post completion formalities is not always an essential issue but where there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for an expedited registration.
I am buying my first flat in Quedgeley with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of extras instead. The estate agent told me not reveal to my solicitor about the side-deal as it may adversely affect 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.
Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Quedgeley I like with amenity areas and transport links nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Quedgeley suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 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 term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.