Unfortunately I am unable to travel far from Wroxham. Is there a reason why all Wroxham lawyers aren't automatically on all mortgage company panels?
Even though it may seem unfair for mortgage companies to limit who can act for them, from the public’s or conveyancer’s standpoint, the flip side is that lenders are increasingly anxious and regard it vital to shield themselves against illegal activities. As a result of this concern mortgage companies are limiting their conveyancing panel to a size that they are happy to control.
Should conveyancers ask for money on account when it comes to conveyancing in Wroxham?
If you are buying a property in Wroxham your solicitor will ask you place them with funds to cover the search fees. Normally this is called for to cover the fees of the conveyancing searches. When the deposit is payable against the purchase price then this should be needed shortly in advance of contracts are exchanged. Any further balance that is needed should be transferred a few days ahead of the completion date.
Me and my partner are buying a property in Wroxham. I might seem paranoid but how we can trust a solicitor? On the day of competition we have to deposit funds into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
About to purchase house in Wroxham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Kent Reliance conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Wroxham property lawyer is on the Kent Reliance conveyancing panel.
I have instructed a Wroxham conveyancing practitioner having checked that they are on the Lloyds conveyancing panel. Does my lawyer arrange the survey of the property?
Lloyds will need an independent valuation of the property. Your lawyer will not arrange this. Usually Lloyds will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Wroxham postcode. As you are getting a mortgage with Lloyds, you could contact them to see if they have a list of approved surveyors in Wroxham.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Wroxham?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Wroxham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Wroxham with a loan from Bank of Scotland. The builders refused to move on the price so I negotiated £7000 of extras instead. The estate agent suggested that I not inform my conveyancer about the side-deal as it may put at risk my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Wroxham I like with amenity areas and station in the vicinity, however it only has 49 years unexpired on the lease. I can't really find anything else in Wroxham suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.