The owners have rather brash sellers who has suggested a preliminary contract with a payment 10k. Are such agreements sensible?
This type of preliminary agreement is not the norm in Snodland, conveyancers are often inclined to veer clients away from them as they divert attention from the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor is left exposed. Furthermore, there is no certainty that just because the seller has signed an exclusivity contract they will complete the sale with you. They may breach the agreement if they receive a big enough incentive to do so because an aggrieved party with the benefit of a exclusivitycontract will still be obliged show losses as a consequence of the breach and these may not equate the financial benefit that the owner may obtain by reneging on the agreement, no matter how morally shameful it undoubtedly is.
My aunt informed me that in purchasing a property in Snodland there could be a number of restrictions prohibiting external changes to a property. Is this right?
We are aware of anumerous of properties in Snodland which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Snodland should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the only beneficiary of my late father’s will with all property in now in my sole name, including the house in Snodland. The Snodland property was put into my name in November. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be regarded the same way as if I'd bought the house in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. Most lenders would take a pragmatic view as this requirement chiefly exists to identify the purchase and immediately sell or the flipping of properties.
I have a mortgage with Yorkshire BS for my property in Snodland. Conveyancing has been completed months ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Yorkshire BS?
You must advise Yorkshire BS before letting out your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel solicitor.
Are there restrictive covenants that are commonly picked up during conveyancing in Snodland?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Snodland. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Snodland with a loan from Nottingham Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of extras instead. The property agent suggested that I not reveal to my solicitor about the extras as it could affect my mortgage with the lender. 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.
As co-executor for the will of my father I am disposing of a property in Swansea but I am based in Snodland. My conveyancer (based 250 kilometers awayrequires that I sign a stat dec ahead of the transaction finalising. Can you recommend a conveyancing lawyer in Snodland who can witness and place their company stamp on the document?
Technically speaking you should not need to have the documents witnessed by a conveyancing solicitor. Ordinarily or notary public or qualified solicitor will be fine regardless of whether they are Snodland based
My conveyancing solicitor in Snodland has informed me that he requires personal identification documents saying that this is part of his requirements as a conveyancer on the mortgage company Conveyancing panel. Can this be correct?
Anti-terror and anti-money-laundering rules require Snodland conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the lender's UK Finance Lenders’ Handbook requirements