My husband and I are acquiring a brand new flat in Lower Earley and my solicitor is informing me that she has to the mortgage company to disclose incentives from the builder. I am under pressure to exchange contracts and I would rather not prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
There are a variety of conveyancing solicitors in Lower Earley but how do I know who's good?
Do not opt for the cheapest Lower Earley conveyancing quote. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.
Is it the case that all Lower Earley CQS (Conveyancing Quality Scheme) solicitors are on the Coventry BS conveyancing list of approved solicitors?
It is true that some banks and building societies now utilise the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to remain on their approved list of firms.
I am selling my apartment. I had a double glazing fitted in December 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Aldermore are being difficult. The Lower Earley solicitor who is on the Aldermore conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Aldermore are insisting on a building regulation certificate. Why do Aldermore have a conveyancing panel if they don't accept advice from them?
It is probably the case that Aldermore have referred the matter to their valuer. The reason why Aldermore may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
A colleague advised me that where I am buying in Lower Earley I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is occasionally included in the estimate for your Lower Earley conveyancing searches. It is a large document of more than thirty pages, listing and detailing important information about Lower Earley around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Lower Earley Education with plans and statistics, Local Amenities and other useful information concerning Lower Earley.
I am looking for a flat up to £235,500 and found one near me in Lower Earley I like with amenity areas and railway links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Lower Earley suitable, so just wondered if I would be making a grave error purchasing a short lease?
If you require a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
Should I cancel the direct debit for my mortgage with Leeds Building Society as soon as a completion date for my home sale in Lower Earley has been set?
No, you should keep paying any mortgage sums to Leeds Building Society pending the mortgage being redeemed from the proceeds of sale as part of your Lower Earley conveyancing.