I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in East Coker with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?
In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
My wife and I are buying a house in East Coker. I might seem paranoid but how we can trust a lawyer? At some point we have to deposit money into their account. What is the protection we have from them run away with our deposit?
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.
A friend pointed out to me me that in purchasing a property in East Coker there could be a number of restrictions preventing external alterations to the property. Is this right?
There are a number of properties in East Coker which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in East Coker should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm the only recipient of my late mum's will with all property in now in my sole name, including the house in East Coker. Conveyancing formalities meant that the Land Registry date was in January. I want to move. I understand that there is a Mortgage Lenders six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the house in January. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. Some mortgage companies would take a practical view as this requirement principally exists to pick up on subsales or the quick reselling of property.
Will our solicitor be raising enquiries concerning flooding during the conveyancing in East Coker.
The risk of flooding is if increasing concern for solicitors dealing with homes in East Coker. Plenty of people will buy a property in East Coker, fully aware that at some time, it may be flooded. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that can be carried out by the buyer or by their conveyancers which should figure out the risks in East Coker. The conventional set of completed inquiry forms supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to find out if the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the vendor, then a buyer could bring a compensation claim stemming from an inaccurate reply. A purchaser’s lawyers will also conduct an enviro search. This should indicate if there is a recorded flood risk. If so, more detailed investigations will need to be made.
I am buying a new build house in East Coker benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not inform my conveyancer about this deal as it may impact my loan with Halifax. 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.
How much experience do your East Coker conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
East Coker conveyancing lawyers help thousands of buyers move home every year and helped lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique East Coker conveyancers have worked on recent similar cases.