I sincerely hope you can assist me. My Romsey solicitor is advising me that he has toapply for Romsey conveyancing searches stemming from the fact thatthe firm are on the Lloydssolicitor panel. Is my solicitor right?
Unfortunately both you and your lawyer have little choice here. As you are taking a mortgage with a lender your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your property lawyer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook provisions . Even if you were a cash buyer you would be ill advised not to carry out Romsey conveyancing searches.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when buying a property in Romsey?
Unless a previous acquisition of the property took place post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Romsey to remain encouraging a chancel search and or insurance against a claim.
I used Stirling Law a few years past for my conveyancing in Romsey. I now require my file but the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Romsey of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing my first flat in Romsey with a loan from The Royal Bank of Scotland. The sellers would not reduce the price so I negotiated 6k of additionals instead. The house builders rep advised me not inform my lawyer about the side-deal as it would impact my loan with The Royal Bank of Scotland. Is this normal?.
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 leasehold apartment up to £305k and identified one near me in Romsey I like with open areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Romsey in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have just had an offer accepted on a leasehold flat in Romsey and the estate agent that we are dealing with suggested his solicitor. They quoted £800 including VAT and 3rd party costs. Does this sound expensive?
You should not rely on 1 estimate. One should obtain like-for-like quotes for your conveyancing in Romsey. Then choose one that you are comfortable with and crucially, is on the approved panel of the mortgage company that you are sourcing your mortgage from.