I'm the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the house in Moor Row. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a CML six month 'rule', which means that my property ownership could be regarded the same way as if I'd bought the property in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs 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 affected by that. many banks would take a pragmatic view as this obligation is primarily there to identify subsales or the wholesaling and assigning of properties.
I am expecting a AIP from Yorkshire BS 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 Yorkshire BS recommend any Moor Row solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Moor Row solicitors independently although you'll need to choose one on the Yorkshire BS conveyancing panel. The solicitor represents both you and Yorkshire BS through the process.
I currently have a mortgage with Co-operative for my property in Moor Row. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Co-operative?
Your original mortgage agreement with Co-operative will provide that you need their approval before renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel firm.
My friend advised me that if I am buying in Moor Row I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Moor Row conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Moor Row around the property and the people living there. It incorporates 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 Property Price, Crime details, Moor Row Education with plans and statistics, Local Amenities and other useful information regarding Moor Row.
I bought my flat on 6 November and my personal details is yet to be on the land registry website. Any reason for this? My conveyancing solicitor in Moor Row said it would be registered in a couple of weeks. Are properties in Moor Row particularly slow to register?
As far as conveyancing in Moor Row registration is no faster or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary according to who lodges the application, whether there are errors and whether the Land registry communicate with any interested parties. At present roughly three quarters of such applications are fully dealt with within 12 days but some can be subject to longer hold-ups. Registration takes place after the new owner is living at the premises thus an expedited registration is not typically an essential issue yet where it is urgent that the the registration takes place urgently then you or your solicitor should communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build house in Moor Row with a mortgage from Barclays Direct. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The property agent told me not inform my solicitor about the deal as it will affect my mortgage with the bank. 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.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Moor Row is the location of the property. Can you shed any light on this issue?
Flying freeholds in Moor Row are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Moor Row you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Moor Row may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.