We are about to exchange on the purchase of a property in South Oxhey but as a consequence of damage from the recent storms I have was able negotiate compensation from the current proprietors in the sum of six thousand pounds taking the form of a reduction in the price. This was going to be dealt with as part of a side agreement but Bank of Ireland are not allowing this. Why were they approached?
Your conveyancing practitioner that is on the Bank of Ireland conveyancing panel is duty bound to inform Bank of Ireland of any changes to the sale price. If you were to refuse your property lawyer to notify the price change 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 property lawyer for your conveyancing in South Oxhey.
When can the exchange of contracts take place for sale conveyancing in South Oxhey and am I required to be at the lawyers office?
If you are round the corner to one of the conveyancing solicitors in South Oxhey you are invited in to sign documents. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and provide just as comprehensive and professional a job for you when dealing with you by post or email. The executing of the property agreement is not the point of no return. Signing on the dotted line is necessary for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in South Oxhey)to be in the office available at the end of the phone to exchange contracts.
We have agreed to purchase a house in South Oxhey. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Barclays be concerned?
As your lender is Barclays your lawyer must follow the conveyancing instructions set out in Section 2 of UK Finance Lenders’ Handbook for Barclays. The CML Handbook contains minimum conditions for solar panel roof-space leases, and conveyancers are required to report to Barclays where a lease fails to comply with these provisions. The specifications relate to the installation of panels on properties nationwide and is not isolated to South Oxhey.
I have a mortgage with Bank of Ireland for my property in South Oxhey. Conveyancing was finalised 12 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 Bank of Ireland?
Bank of Ireland must be informed of your intention in advance of renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland will permit you to let 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 Bank of Ireland directly. It should not be necessary to do this via a Bank of Ireland conveyancing panel lawyer.
I am due to exchange contracts on my house. I had a double glazing fitted in February 2007, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s mortgage company, Virgin Money are being a right pain. The South Oxhey solicitor who is on the Virgin Money conveyancing panel is recommending indemnity insurance as a solution but Virgin Money are insisting on a building regulation certificate. Why do Virgin Money have a conveyancing panel if they don't accept advice from them?
It is probably the case that Virgin Money have referred the matter to their valuer. The reason why Virgin Money may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
How does conveyancing in South Oxhey differ for newly converted properties?
Most buyers of new build premises in South Oxhey approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in South Oxhey usually acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in South Oxhey or who has acted in the same development.
What does commercial conveyancing in South Oxhey cover?
Commercial conveyancing in South Oxhey covers a broad range of guidance, offered by regulated solicitors, relating to business premises. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
My conveyancer in South Oxhey is asking me for proof of ID documents stating that this forms part of his legal duty as a conveyancer on the mortgage company Solicitor panel. Can this be correct?
Anti-terror and anti-money-laundering rules require South Oxhey 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 bank 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 bank's UK Finance Lenders’ Handbook requirements