Me and my fiance are purchasing a 2 bedroom flat in Houghton Le Spring with a mortgage. We have a Houghton Le Spring conveyancer, however the bank advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or continue with our Houghton Le Spring lawyer and pay for one of their panel ones to represent them. We feel that this is inequitable; can we not require that the mortgage company use our Houghton Le Spring property lawyer ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Houghton Le Spring conveyancing lawyer to apply to be on the conveyancing panel.
What will a local search tell me regarding the property we're purchasing in Houghton Le Spring?
Houghton Le Spring conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Houghton Le Spring conveyancing purchase; as long as you wish to avoid any nasty surprises after you move into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.
I'm buying my first flat in Houghton Le Spring with a mortgage from TSB. The sellers would not move on the price so I negotiated £7000 of extras instead. The property agent advised me not inform my conveyancer about the side-deal as it would adversely affect 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.
What does commercial conveyancing in Houghton Le Spring cover?
Houghton Le Spring conveyancing for business premises incorporates a wide range of services, supplied by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
I have just started marketing my ground floor flat in Houghton Le Spring. Conveyancing has not commenced, but I have just had a yearly service charge demand – Do I pay up?
The sensible thing to do is discharge the invoice as you normally would given that all ground rent and maintenance charges should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Houghton Le Spring Leasehold Conveyancing - A selection of Questions you should consider Prior to Purchasing
How many of the leaseholders are in arrears for their maintenance charge payments? You will want to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents from a financial perspective and when it comes to daily issues like the tidiness of the communal areas. You should not be afraid to ask other tenants what they think of their service. Finally, find out the dates that the maintenance charges are due to the managing agents and specifically what you get for your money. Is the freehold owned jointly by the tenants?