My partner and I have just bought a property in Holywell. We have noticed several issues with the house which we believe were overlooked in the conveyancing searches. What action can we take? Can you clarify the type of searches that should have been conducted as part of conveyancing in Holywell?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Holywell. Conveyancing searches and due diligence initiated during the legal transfer of property are carried out to help avoid problems. As part of the legal transfer of property, a property owner answers a questionnaire known as a SPIF. If the information turns out to be misleading, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Holywell.
Can you explain why leasehold purchase conveyancing in Holywell is more expensive?
Holywell leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving appropriate notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
I'm the single beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Holywell. The Holywell property was put into my name in April. I want to move. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be considered the same way as if I'd bought the property in April. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be impacted by that. How sensible a view banks take of it, depend on the bank as this requirement is chiefly there to identify the purchase and immediately sell or the flipping of properties.
Can you point me to a directory of Leeds Building Society panel conveyancers in Holywell on the UK Finance Lenders’ Handbook Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings available on the web. Where you are seeking to appoint a Holywell conveyancing practitioner on the Leeds Building Society please use our facility.
We were going to get a OIP from Kent Reliance this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Kent Reliance recommend any Holywell solicitors on the Kent Reliance conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Holywell solicitors independently although you'll need to choose one on the Kent Reliance conveyancing panel. The solicitor represents both you and Kent Reliance through the process.
I'm purchasing my first flat in Holywell with a loan from Chelsea Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not to tell my lawyer about this side-deal as it will put at risk my loan with the lender. 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.
Please can you explain what options are open to me where my Holywell conveyancing searches reveals negative results?
Ordinarily, the majority of issues disclosed in Holywell conveyancing search results can be handled in advance of completion or indemnity insurance can be obtained. It is important to remember that regardless of the fact that you are buying the premises and may be content to live with the search results, your building society or bank may not, and ultimately they have the final say.