Is the fact that my solicitor in Stockbridge is not listed on my mortgage company's conveyancing panel that there is a problem with the standard of the firm’s work?
That is more than likely an incorrect assumption to make. There are plenty of reasonable explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Stockbridge conveyancing firm and ask them why they are no longer on the approved list for your bank.
Should lawyers ask for money up-front when it comes to conveyancing in Stockbridge?
If you are buying a property in Stockbridge your lawyer will request that you place them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the purchase price then this should be required shortly in advance of exchange of contracts. The final balance that is needed should be transferred shortly before completion.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Stockbridge. The house had a relatively small loan left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then Virgin Money will require that you use a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
I'm buying my first flat in Stockbridge benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about this deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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 flat up to £195,000 and identified one round the corner in Stockbridge I like with a park and railway links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Stockbridge for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
What is the reason for new build conveyancing in Stockbridge being more expensive?
Buying a brand new property is completely distinct from the normal house buying conveyancing in Stockbridge. Firstly sellers usually require contracts to exchange within a tight deadline, so there is a lot of pressure on your conveyancer to make sure everything is in order. In addition new build properties frequently necessitate the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Bank obligations are also more demanding. Taking into account the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.