Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Loughborough BS conveyancing panel for instance in Rednal?
We are not aware of any plans on the part of the BSA to develop such a register.
I am purchasing my first flat in Rednal with the aid of help to buy. The developers refused to move on the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about the extras as it could affect my loan with Bank of Scotland. 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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Rednal is the location of the property. What do you suggest?
Flying freeholds in Rednal 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 Rednal you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rednal 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.
Is it simple use the search tool to get a fee calculation from a conveyancing solicitor in Rednal on the panel for my mortgage?
1st choose a mortgage company such as Halifax, Skipton Building Society or Nottingham Building Society then choose your location for example Rednal. Conveyancing practices in Rednal and beyond will then be identified.
I dont have enough spare funds to pay a 10% deposit on my house purchase in Rednal , but I am keen go ahead. Do I have options?
You can agree a lesser deposit. Many property owners will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute