In the event thatI was to acquire a freehold housein St John's Wood mortgage fee and have no survey and no local authority searches how much should I expect to to save on my conveyancing in St John's Wood?
Any savings you would achieve will be isolated to the disbursement for searches. Your conveyancer still be obliged to do everything else - money laundering, correspond with the vendors conveyancer, SDLT submission, register the property etc. A marginal saving might be made by not needing to register a mortgage however it won't be significant.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in St John's Wood?
There are two types of lawyers who can perform conveyancing in St John's Wood namely licenced conveyancers or solicitors. The two can handle conveyancing services that required to complete the disposal or acquisition of property. Both are obliged to handle St John's Wood conveyancing to the same standards and guidelines so you may be sure that your conveyancing will be professionally conducted and that all requirements and procedures should be correctly adhered to.
is it true that all St John's Wood solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be overseen by the SRA. Some banks do allow licenced conveyancers on their panel in which case such firms would be regulated by the Council of Licensed Conveyancers.
I am expecting a OIP from Clydesdale this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Clydesdale recommend any St John's Wood solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint St John's Wood solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
Will our lawyer be raising questions concerning flooding as part of the conveyancing in St John's Wood.
The risk of flooding is if increasing concern for solicitors carrying out conveyancing in St John's Wood. Some people will purchase a house in St John's Wood, completely 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 obtain a mortgage, adequate insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a various checks that may be undertaken by the buyer or on a buyer’s behalf which will figure out the risks in St John's Wood. The standard information supplied to a buyer’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine if the property has ever been flooded. In the event that the property has been flooded in past which is not revealed by the vendor, then a purchaser could bring a legal claim for losses as a result of such an incorrect reply. The purchaser’s conveyancers may also order an enviro search. This will higlight whether there is any known flood risk. If so, additional investigations should be made.
I purchased a renovated Victorian house in St John's Wood. Conveyancing practitioner acted for me and Yorkshire Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold with the exact same property. I'd like to know for sure, how can I find out??
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in St John's Wood and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who conducted the work.
I'm purchasing my first flat in St John's Wood with a mortgage from Santander. The builders refused to reduce the price so I negotiated £7000 of extras instead. The property agent suggested that I not inform my solicitor about the side-deal as it may affect my mortgage with Santander. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. St John's Wood is the location of the property. Is there any guidance you can give?
Flying freeholds in St John's Wood are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in St John's Wood you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in St John's Wood may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.