We are buying a 3 bedroom flat in Williton with a mortgage. We have a Williton solicitor, however the bank advise she’s not on their "panel". We have to appoint one of the mortgage company panel firms or keep our Williton conveyancer as well as pay for one of their panel firms to represent them. This feels very unfair; are we not able to insist that the lender use our Williton lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Williton conveyancing lawyer to apply to be on the conveyancing panel.
My solicitor has informed me that missing deeds insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Williton?
The appropriate level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between Lloyds TSB Bank and Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such policies.
I am the sole beneficiary of my late mum's estate and I have everything in my name alone, including the house in Williton. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in January. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. Most banks would take a sensible view as this obligation chiefly exists to identify the purchase and immediately sell or the flipping of property.
My husband and I have arranged a further advance on our mortgage from Leeds Building Society as we want to carry out alterations to our house in Williton. Are we obliged to appoint a high street Williton solicitor on the Leeds Building Society conveyancing panel to handle the paperwork?
Leeds Building Society do not ordinarily 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 Leeds Building Society panel.
I have been told that property searches are a common reason for stalling in Williton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Williton.
I am purchasing my first flat in Williton with a mortgage from The Royal Bank of Scotland. The developers refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my solicitor about this side-deal as it will adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
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 am employed by a reputable estate agent office in Williton where we have witnessed a number of flat sales put at risk as a result of short leases. I have received contradictory information from local Williton conveyancing solicitors. Please can you confirm whether the owner of a flat can start the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Williton Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing
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What is the the remaining lease term? Are any of leasehold owners in dispute over their service charge liability? The answer will be helpful as a) areas could result in problems for the building as the common areas may begin to deteriorate if services remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to have complete disclosure
My partner and I have today had a bid accepted on our 1st home in Williton, and are now looking to get solicitors lined up. I have made use of the numerous comparison based websites and the quotes are from all over the the UK. Is it advisable to have a Williton lawyer local to your potential property? I am happy to do everything electronically, but I guess at some stage we may be required to physically go into the solicitor's office to sign papers?
Generally there is no need to attend the office of your conveyancing practitioner, they can send any relevant papers to you, which you can sign and return. Many home movers prefer to instruct a locally based solicitor, but it is not a prerequisite for conveyancing in Williton.