Why do I have to pay up front for my conveyancing in Bestwood?
Where you are retaining lawyers for conveyancing in Bestwood your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the total price then this will be required immediately before exchange of contracts. Any further balance that is needed will be payable shortly before completion.
We're in Bestwood, FTBs buying with a mortgage (lender is Nottingham , and our lawyer is on the Nottingham conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nottingham conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I'm purchasing my first flat in Bestwood with a loan from Accord Mortgages Ltd. The sellers would not move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my solicitor about this deal as it will put at risk my loan with Accord Mortgages Ltd. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Bestwood prior to instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend not issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. Should you wish to telephone us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bestwood. Conveyancing will be smoother if you use a solicitor in Bestwood especially if they are accustomed to such properties in Bestwood.
We're new to the buying process - agreed a price, yet the property agent advised that the owners will only move forward if we use the agent's recommended solicitors as they want an ‘expedited deal’. My instinct tells me that we should use a local conveyancer with experience of conveyancing in Bestwood
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', turning down a serious purchaser is going to damage their objectives. Avoid the agents and go straight to the owners and make sure they understand (a)you are motivated buyers (b)you are ready to progress, with finances in place © you are chain free (d) you intend to proceed fast (e)however you will continue to appoint your preferred Bestwood conveyancing firm - as opposed tothe ones that will give their estate agent a referral fee or achieve conveyancing figures pre-set by HQ.