We are acquiring a brand new apartment in Stony Stratford and my conveyancer is telling me that she has to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and I don't want to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to instruct a local conveyancing solicitor in Stony Stratford?
Do check but the chances are that give you one of their panel conveyancers if you want the "fee-free" deal. Contact the bank and see if they make available a cash alternative. In the past a few lenders offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Stony Stratford.
I am expecting a AIP from Principality this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Principality recommend any Stony Stratford solicitors on the Principality conveyancing panel, or is it better to go independently?
You will need to appoint Stony Stratford solicitors independently although you'll need to choose one on the Principality conveyancing panel. The solicitor represents both you and Principality through the process.
I have decided to exercise my right to buy my property in Stony Stratford off the council. I have a mortgage offer with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
I currently have a mortgage with Bank of Ireland for my property in Stony Stratford. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Bank of Ireland?
Your original mortgage agreement with Bank of Ireland will provide that you need their approval before renting your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. In many cases banks or building societies 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. You need not do this via a Bank of Ireland conveyancing panel lawyer.
I have been told that property searches are the main cause of stalling in Stony Stratford conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Stony Stratford.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Stony Stratford is where the house is located. Can you offer any advice?
Flying freeholds in Stony Stratford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stony Stratford 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 Stony Stratford may determine 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 residence.
I'm refinancing my primary house to a BTL mortgage with Nottingham Building Society and I will use the rest of the raised equity as a down payment on a second property. The location we are looking at is Stony Stratford. Will your conveyancers be able to act for the two mortgage companies and link together the transactions?
Do use our search tool on this page to be sure that the conveyancers are on the relevant lender panels. Having checked that they are your conveyancer will be able to simultaneously deal with the two deals but you should talk with you solicitor and specify your expectations and requirements.