I am considering applying for a Leeds Building Society mortgage for purchase of a new build (under development) in Seaford with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Leeds Building Society ?
There is nothing to stop you using your solicitor, but Leeds Building Society 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.
Various web forums that I have come across warn that are the main reason for delay in Seaford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of slowing down conveyancing in Seaford.
I'm buying a new build house in Seaford with a mortgage from Leeds Building Society. The builders would not move on the amount so I negotiated 6k of extras instead. The sale representative told me not reveal to my solicitor about the deal as it will impact my loan with Leeds Building Society. Should I keep quiet?.
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.
Due to the advice of my in-laws I had a survey completed on a property in Seaford prior to instructing solicitors. I have been told that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies may refuse to issue a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Seaford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am using a search engine for the words on line conveyancing in Seaford it brings up numerous conveyancersin the area. How do I determine which is the suitable solicitor for my move?
The preferential way of seeking the right conveyancer is through a personal recommendation, so seek the opinion of friends and those you trust who have bought a property in Seaford or the local estate agent or financial adviser. Charges for conveyancing in Seaford vary, so it's a good idea to obtain at least four fee estimates from different law firms. Be sure to secure confirmation what costs in the quote includes.
I today plan to offer on a house that appears to meet my requirements, at a reasonable price which is making it all the more appealing. I have since discovered that it's a leasehold as opposed to freehold. I am assuming that there are particular concerns buying a house with a leasehold title in Seaford. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Seaford are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Seaford in which case you should be shopping around for a Seaford conveyancing solicitor and check that they have experience in dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
Leasehold Conveyancing in Seaford - Sample of Queries Prior to buying
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Are there any major works on the horizon that will increase the maintenance fees? How many years remain on the lease? Make sure you find out if there are any onerous prohibitions in the lease. By way of example plenty of leases prohibit pets being allowed in certain buildings in Seaford. If you love the flatin Seaford but your dog is not allowed to move with you then you will be presented with a difficult determination.