I am about to exchange on the purchase of a property in Fulford but as a result of damage from some water damage at the property I have was able negotiate compensation from the owner in the sum of six thousand pounds by way of a deduction in the price. This was going to be dealt with as part of the conveyancing process yet Leeds Building Society will not agree to this. Why were they approached?
Any conveyancing practitioner that is on a Leeds Building Society approved list is obliged to advise Leeds Building Society of any changes to the sale price. If you were to refuse your property lawyer to report the price change to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancing practitioner for your conveyancing in Fulford.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Fulford. The house had a relatively small loan left on it of around £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Skipton, pay off the mortgage. Is this possible?
Where you intend to refinance then Skipton will insist on your using a conveyancer on the Skipton conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Skipton conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Skipton mortgage is registered as a charge at the Land Registry.
I'm in the process of viewing apartments in Fulford and I am about to put in an offer. Should I already have a conveyancing practitioner in place at this point? I am planning to take a mortgage with Principality.
It would be advisable to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are obtaining a mortgage with Principality, ask your prospective lawyers if they are on the Principality conveyancing panel otherwise they can't do the mortgage legal work.
Planning on purchasing a apartment in Fulford. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Fulford conveyancer is on the Clydesdale conveyancing panel.
Nottingham have agreed my home loan in principle, my bid on a property in Fulford has been agreed to, what are the next steps?
Your property agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the lender’s panel). Telephone Nottingham or your broker and finalise any relevant documentation. Nottingham will instruct a valuer who will get in touch with the estate agent or owners to arrange a time for the valuation to take place. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. Nottingham will send the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Fulford.
three months have elapsed since my purchase conveyancing in Fulford completed. I have checked the Land Registry website which shows that I paid £150,000 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 residence 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 buying my first flat in Fulford with a mortgage from Skipton Building Society. The builders would not move on the amount so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my lawyer about the deal as it will jeopardize my mortgage with Skipton Building Society. 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.