Please help - my lawyer says that lack of right of way insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Great Shelford?
The appropriate level of lack of right of way indemnity insurance depends on your lender. It would differ for example between Barclays and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such policies.
When it comes to mortgage companies such as Principality, do Great Shelford lawyers have to pay a yearly amount to be on the list of approved solicitors?
We are not aware of any lender fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
My partner and I have organised the release of further funds on our home loan from Co-operative as we wish to conduct a loft conversion to our home in Great Shelford. Are we obliged to appoint a bricks and mortar Great Shelford solicitor on the Co-operative conveyancing panel to deal with the paperwork?
Co-operative don't usually appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
How does conveyancing in Great Shelford differ for new build properties?
Most buyers of new build or newly converted property in Great Shelford contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Great Shelford tend to purchase the real estate, 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 Great Shelford or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Great Shelford is where the house is located. Can you offer any assistance?
Flying freeholds in Great Shelford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Great Shelford you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Great Shelford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I was advised by a number of estate agents in Great Shelford to find a solicitor on your site. What’s the financial upside for Estate Agents to promote your site over alternative conveyancing organisations?
We don’t give any financial incentive for directing people to this site. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
When it comes to my conveyancing in Great Shelford should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Great Shelford conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the property lawyer's time in submitting the funds this way.