I happen to be the single beneficiary of my late father’s will with all property in now in my sole name, including the house in Norfolk. Conveyancing formalities meant that the Land Registry date was in January. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in January. Will no one buy the property for half a year?
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 may be impacted by that. many banks would take a pragmatic view as this clause primarily exists to identify subsales or the flipping of properties.
We are getting the release of further monies on our mortgage from Co-operative as we wish to carry out a loft conversion to our home in Norfolk. Do we need to choose a nearby Norfolk solicitor on the Co-operative conveyancing panel to deal with the paperwork?
Co-operative would not normally appoint a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
Nottingham have agreed my home loan in principle, my bid on a apartment in Norfolk has been agreed to, what happens next?
The property agent will want to be informed of your conveyancer's details (ensure that the lawyers are on the lender’s approved list). Call up Nottingham or your broker and finish off any appropriate paperwork. Nottingham will appoint a valuer who will get in contact with the selling agent or seller to book a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately ten days to receive the mortgage offer. Nottingham will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Norfolk.
I'm buying my first flat in Norfolk with a loan from Barnsley Building Society. The developers refused to reduce the price so I negotiated 6k of additionals instead. The sale representative told me not inform my conveyancer about this extras as it will affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, chain free conveyancing. Norfolk is the location of the property. Is there any guidance you can impart?
Flying freeholds in Norfolk are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Norfolk you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Norfolk may decide 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 property.
Do I need to be wary about estate agents that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Norfolk conveyancing firm?
As with lots of service providers, often input from family and friends can be extremely useful or valuable. Yet there are numerous players in a conveyancing transaction; estate agents, mortgage brokers and banks might all put forward conveyancers to retain. Sometimes these lawyers might be known to one of the organisations as experts in their field, but sometimes there might be a financial incentive behind the endorsement. You are free to choose your own lawyer. Don't forget that many lenders specify a panel list of lawyers you are obliged to use for the lender aspect of your house move.
In scouring the internet for the phrase conveyancing in Norfolk it brings up numerous solicitorsin the vicinity. With so much choice what is the best way to find the suitable conveyancer for my move?
The ideal way of seeking a suitable conveyancer is through a trusted testimonial, so ask friends and those you trust who have purchased a property in Norfolk or a local estate agent or mortgage broker. Fees for conveyancing in Norfolk vary, so it's a good idea to obtain a minimum of three estimates from different solicitors. Dont forget to clarify that the costs are assured not to escalate.