My wife and I are about to exchange buying a property in Tadworth but as a result of wreckage from some water damage at the property I have was able negotiate reparation from the current proprietors in the sum of £3k in the form of a deduction in the price. This was going to be addressed as part of amending the contract but Virgin Money are not allowing this. Should they have been informed?
Your conveyancer that is on a Virgin Money approved list is obliged to inform Virgin Money of any changes to the purchase price. If you were to refuse your property lawyer to report the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new conveyancing practitioner for your conveyancing in Tadworth.
Do I need to pop into the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in Tadworth so that I can attend their offices if necessary.
These days approved lawyers for banks undertake their communications via the post, e-mail or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in the country. That being said you should check if you can still book an appointment to visit conveyancing lawyer if you prefer.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Tadworth?
There are many recorded licenced Conveyancers in Tadworth and Solicitor partnerships in Tadworth to choose from We would stress that the two are supervised by regulatory bodies with both specialising in the legal aspects of transferring property. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
I currently have a mortgage with Nationwide for my property in Tadworth. Conveyancing has been completed 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Nationwide?
You must advise Nationwide in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide 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 Nationwide directly. You need not do this via a Nationwide conveyancing panel lawyer.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Tadworth bank branch on numerous occasions and was told they are content with the situation and they will lend. My Tadworth conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they refuse to lend based on their published requirements. I simply don't know who is right.
Provided that the solicitor is on the lender approved list, they must adhere to the CML Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
I'm purchasing my first flat in Tadworth with a mortgage from Barnsley Building Society. The developers would not move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my conveyancer about this extras as it could jeopardize my loan with the lender. 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.
I have been on the look out for a flat up to £305k and found one round the corner in Tadworth I like with open areas and station in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Tadworth for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may 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 and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.
How easy is it to switch firm as I need to find one who is on the Coventry Building Society conveyancing panel. I hired a high street conveyancing solicitor in Tadworth five minutes from me but the firm is not accepted by Coventry Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Tadworth on the Coventry Building Society panel. Please note that the conveyancers that we work with do not pay us a referral fee if you instruct them and are registered with the SRA who regulate all conveyancing solicitors in Tadworth. Using search facility on this page, you can contrast fees for conveyancing solicitors in Tadworth and throughout England and Wales.