We're in Dunston, First timers purchasing with a mortgage (lender is Leeds Building Society , and our lawyer is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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 have been told that property searches are the primary reason for obstruction in Dunston house deals. Is this right?
The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not figure within the common causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Dunston.
I am purchasing a new build house in Dunston with a mortgage from Chelsea Building Society. The developers refused to reduce the amount so I negotiated £7000 of extras instead. The sale representative told me not to tell my solicitor about the extras as it may put at risk my loan with Chelsea Building Society. 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.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Dunston is where the house is located. What do you suggest?
Flying freeholds in Dunston are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Dunston you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Dunston may ascertain 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.
Our conveyancing in Dunston is completing on Friday, but the vendors I am buying from wishes to vacate 24 hours later at afternoon. Do I accept this?
You can't complete on a Saturday because the bank systems are not operational.