My wife and I are buying a brand new duplex in Welton and my solicitor is informing me that she has to the mortgage company to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company 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.
I am the registered owner of a freehold premises in Welton yet pay rent, why is this and what is this?
It is rare for properties in Welton and has limited impact for conveyancing in Welton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
We wanted to use a conveyancing solicitor in Welton for our house purchase. Our financial adviser has since advised us that our bank The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
Before the recession most banks had an appetite for risk which was higher than today. Almost all Welton conveyancing firms would have been on many mortgage company panels. The FSA in 2010 completed a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more information from law firms about their operations and the individuals who work for them as well as set certain criteria such a completing on a minimum number of conveyancing. Many Welton conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Welton is amongst the hundreds of areas where the conveyancers we recommend are are approved The Mortgage Works.
4 months have gone by following my purchase conveyancing in Welton completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Welton differ for newly converted properties?
Most buyers of new build or newly converted property in Welton come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Welton tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Welton or who has acted in the same development.
I need to instruct a conveyancing solicitor for my conveyancing in Welton. I have stumble upon a site which looks to be the ideal answer If there is a chance to get all the legals completed via web that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?