Why do I have to pay up front when it comes to conveyancing in Birchington?
If you are buying a property in Birchington your solicitor will request that you to provide them with monies to cover the search fees. Generally this is asked for to cover the fees of the conveyancing searches. If any deposit is as part of the sale price then this should be asked for immediately before exchange of contracts. The final balance that is needed will be payable a couple of days ahead of the completion date.
I have been told that property searches are the number one reason for delay in Birchington house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Birchington.
It has been five months following my purchase conveyancing in Birchington completed. I have checked the Land Registry site 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.
I'm purchasing a new build house in Birchington with a mortgage from The Mortgage Works. The builders would not reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not to tell my conveyancer about this deal as it will impact 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 decided to have a survey carried out on a house in Birchington in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies may not grant a loan on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Birmingham Midshires. 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 Birchington. Conveyancing may be slightly more expensive based on your lender's requirements.