Some advice if I may. My Watchet conveyancer is informing me me that he has toorder Watchet conveyancing searches asthe firm are on the HSBCapproved lawyer panel. These Watchet searches cost a lot of money can this be avoided?
Unfortunately both you and your lawyer have little choice here. As you are obtaining a home loan with a mortgage company your property lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to follow the CML Handbook specifications . Even if you were a cash buyer you would be ill advised not to carry out Watchet conveyancing searches.
What happens if my lawyer’s firm is suspended from the Nationwide Solicitor panel ahead of completing my conveyancing in Watchet?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
We are purchasing a detached bungalow in Watchet. We would like to an extension at the rear at the property.Will the conveyancing process involve enquiries to see if these alterations were previously refused?
Your property lawyer will check the deeds as conveyancing in Watchet can sometimes identify restrictions in the title deeds which prevent certain works or necessitated the permission of another owner. Many additions need local authority planning permissions and approval under the building regulations. Some areas are designated conservation areas and special planning restrictions apply which often prevent or impact extensions. It would be prudent to check these issues with a surveyor ahead of any purchase.
My partner and I have organised a further advance on our mortgage from Santander as we intend to conduct improvements to our house in Watchet. Are we obliged to select a nearby Watchet solicitor on the Santander conveyancing panel to handle the legals?
Santander would not normally instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Santander list.
It is unclear whether my bank requires a lease extension. I have called my Watchet building society branch on various occasions and was informed it wasn't a problem and they will lend. My Watchet conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. Who do I believe?
Provided that the conveyancing practitioner is on the bank approved list, she or he must follow the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am purchasing a new build house in Watchet with a mortgage from Santander. The builders would not budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not to tell my conveyancer about this deal as it will adversely affect my mortgage with the bank. Should I keep quiet?.
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 leasehold apartment up to £305k and found one round the corner in Watchet I like with open areas and station in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Watchet for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I have been pointed in your direction by three or four local estate agents in Watchet to choose a property lawyer on your site. Is there a financial upside for Estate Agents to market your site over alternative conveyancing organisations?
We don’t give any commission for directing people our way. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.