We are purchasing a new build flat in Tilehurst and my conveyancer is telling me that she has to the mortgage company to disclose incentives from the seller. I am on a tight deadline to exchange contracts and I don't want to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank 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.
Why do I have to pay up front when it comes to conveyancing in Tilehurst?
Where you are retaining lawyers for conveyancing in Tilehurst your solicitor will ask you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is as part of the sale price then this will be asked for shortly prior to contracts are exchanged. The final balance that is needed should be sent to your lawyer shortly before completion.
Can you help - my lawyer says that absentee landlord insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Tilehurst?
The appropriate level of absentee landlord indemnity insurance depends on who your lender is. It would differ for example between Birmingham Midshires and Virgin Money. Conveyancing solicitors as opposed to borrowers take out such insurances.
I currently have a mortgage with Principality for my property in Tilehurst. Conveyancing has been completed 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 Principality?
You must advise Principality in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. It may be that Principality 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 Principality directly. You need not do this via a Principality conveyancing panel solicitor.
The formalities of my purchase has taken place for my property in Tilehurst. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
What does a local search tell me about the house we're buying in Tilehurst?
Tilehurst conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search company for instance Xpress Legal The local search plays a central part in most Tilehurst conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
My wife and I purchased a terraced Georgian property in Tilehurst. Conveyancing lawyer acted for me and TSB. I did a free Land Registry search last week and I saw two entries: one for freehold, the second leasehold under 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Tilehurst and other locations in 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 enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
Do I need to be concerned that estate agents that I am dealing with are suggesting a national conveyancing firm as opposed to a local Tilehurst conveyancing company?
As with lots of professional services, often recommendations from relatives can be extremely useful or valuable. But there are many people with a keen interest in a conveyancing matter; estate agents, financial adviser and banks may put forward conveyancers to select. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are free to appoint your preferred lawyer. Don't forget that many banks have an approved list of lawyers you must use for the mortgage aspect of your house move.