My fiance and I are intent on buying a ground floor flat in Peacehaven. My lawyer is not listed on the lender solicitor list. Am I still permitted to use my Peacehaven conveyancing solicitor notwithstanding that they are excluded from the bank list of approved lawyers?
You must instruct a solicitor to deal with the formalities when you need a loan to purchase your home. They will carry out all the relevant investigations on the property, make sure that you will be registered as proprietor and ensure that all the necessary mortgage paperwork is in place. One may appoint a Peacehaven conveyancing practitioner of your choice. However, if the property lawyer appointed is not a member of the bank solicitor panel further charges will be levied as separate legal representation will be need by the lender. Bank panel applications can be submitted, so if your lawyer has not historically sought membership they should take the chance to apply.
Why do I have to pay up front for my conveyancing in Peacehaven?
Where you are retaining lawyers for conveyancing in Peacehaven your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Normally this is needed to cover the fees of the conveyancing searches. When the deposit is payable against the total price then this should be required immediately ahead of exchange of contracts. The closing balance that is due should be transferred a couple of days prior to the day of completion.
In reviewing consumer advice sites for a recommended lawyer in Peacehaven, most say that I must instruct a CQS assured solicitor. Can you explain what CQS is?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with prudent and efficient conveyancing processes via the scheme protocol the standard covers many companies who execute conveyancing in Peacehaven.
I'm purchasing my first flat in Peacehaven with a loan from Bank of Scotland. The builders would not budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my lawyer about the extras as it may put at risk my mortgage with the bank. Is this normal?.
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 issue on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Peacehaven is the location of the property. Is there any guidance you can impart?
Flying freeholds in Peacehaven are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Peacehaven you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Peacehaven 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 residence.