I am under pressure from the mortgagee in possession of a property in Raglan to exchange within four weeks. What can I do to quicken up the buying process?
In a situation where the seller is applying time constraints to exchange it is advisable to make sure that your lawyer is familiar with the area as they will have local connections and insight. It is possible that they may have handled previoushouses in the same neighbourhood. You would be best advised to use a Raglan conveyancing solicitor. Second, check that the conveyancing firm is on the on the approved list for your mortgage company. It is said that 18% of Raglan conveyancing transactions are delayed or derailed after finding out that a purchaser’s lawyer was not on their banks panel. This can often result in the legal transfer of property being frustrated by as much as three weeks. It is believed that this issue impacts approximately one hundred thousand home sales annually. Many Raglan conveyancing practices can not represent certain banks so do check at the outset.
We wanted to use a property lawyer in Raglan for our house move. Our financial adviser has since advised us that our mortgage company Barclays Direct won't deal with them. Why is this not regarded as unfair competition?
Lenders ordinarily restrict either the category or the amount of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the profile of firm, some have limited the number of solicitor practices they permit to act for them. You should note that Barclays Direct have no responsibility for the quality of advice provided by any member of Barclays Direct Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of conveyancing panels a few years ago even though there are differing opinions about the level of solicitor involvement in some of that fraud. Figures from the Land Registry indicate that hundreds of law firms, including some in or near Raglan only execute one or two conveyances a year.
Will our conveyancer be raising questions concerning flooding during the conveyancing in Raglan.
The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Raglan. Some people will purchase a property in Raglan, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to give advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or by their conveyancers which can figure out the risks in Raglan. The conventional set of information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred and is not notified by the seller, then a purchaser could commence a legal claim for losses resulting from an incorrect answer. The buyer’s solicitors will also commission an enviro report. This should higlight if there is a recorded flood risk. If so, further inquiries will need to be initiated.
The deeds to my home can not be found. The solicitors who conducted the conveyancing in Raglan 4 years ago are no longer around. What are my next steps?
Assuming the title is registered the details of your ownership will be retained by the Land Registry under a Title Number. It is easy to perform a search at the Land Registry, find your house and order current copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
I am buying my first flat in Raglan with a loan from Norwich and Peterborough Building Society. The builders refused to reduce the price so I negotiated £7000 of fixtures and fittings instead. The property agent suggested that I not disclose to my solicitor about this side-deal as it could 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.
What are your top tips when it comes to finding a Raglan conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Raglan conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with two or three firms including non Raglan conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be helpful:
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What are the costs for lease extension conveyancing? What volume of lease extensions has the firm conducted in Raglan in the last 12 months?
Leasehold Conveyancing in Raglan - Examples of Questions you should consider Prior to Purchasing
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Is there a share of the freehold? Where a Raglan lease has less than eighty years it will have adverse implications on the salability of the property. It is worth checking with your lender that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will most likely need a lease extension at some point and you need to have some idea of how much this will be. Remember, in most cases you will be be obliged to have been the owner of the residence for 24 months in order to be legally able to carry out a lease extension. Who is in charge of the building?