The Newbridge conveyancing lawyers that I recently instructed on my house acquisition in Newbridge have suddenly shut down. I chose them because I needed a solicitor on the Clydesdale conveyancing panel and my previous Newbridge lawyer was not. I gave my credit card details for them to take one hundred and fifty pounds for searches. What should be my next steps?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Clydesdale conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.
Have just purchased a probate house at auction in Newbridge. Conveyancing is necessary. What happens now?
Given that you are now exchanged you will need to retain a conveyancing lawyer soon as you are faced with a tight deadline in which to complete the purchase. All auction property should have an associated legal pack. This will include evidence of title and search results. Where you are dealing with leasehold property the auction pack should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to leasehold premises. You need to give this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
Is there a list of Leeds Building Society panel solicitors in Newbridge on the Building Society Association’s Website?
Unfortunately not yet. There is no such directory service on the Council of Mortgage Lenders or Building Society Association websites. A small selection of lenders make their panel listings open the public on the web. If you are looking for a Newbridge conveyancer on the Leeds Building Society please use our facility.
I currently have a mortgage with Virgin Money for my property in Newbridge. Conveyancing was finalised some time ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
You must advise Virgin Money prior to letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let 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 Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel firm.
Various internet forums that I have frequented warn that are the primary cause of hinderance in Newbridge conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Newbridge.
Are there restrictive covenants that are commonly picked up during conveyancing in Newbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Newbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am buying my first flat in Newbridge benefiting from help to buy. The developers would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it would affect my mortgage with the bank. Should I keep quiet?.
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.