Will conveyancers request money up-front when it comes to conveyancing in South West London?
Where you are retaining lawyers for conveyancing in South West London your lawyer will request that you put them with funds to cover the search fees. Ordinarily this is asked for to cover the fees of the conveyancing searches. If any deposit is payable against the purchase price then this will be needed shortly prior to exchange of contracts. The final balance that is due should be sent to your lawyer shortly before completion.
I have decided to exercise my right to buy my property in South West London off the council. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I currently have a mortgage with Bank of Ireland for my property in South West London. Conveyancing was finalised months ago. In the event that I decide 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 Bank of Ireland?
Bank of Ireland must be informed of your intention in advance of letting out your property as this is likely to be a breach of Bank of Ireland’s mortgage conditions. It may be that Bank of Ireland 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 Bank of Ireland directly. You need not do this via a Bank of Ireland conveyancing panel solicitor.
About to purchase maisonette in South West London. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the South West London conveyancing practitioner is on the Bank of Ireland conveyancing panel.
Will my conveyancer be raising questions about flooding during the conveyancing in South West London.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in South West London. Some people will purchase a property in South West London, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a various searches that can be undertaken by the buyer or by their conveyancers which can figure out the risks in South West London. The conventional set of property information forms supplied to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual inquiry of the owner to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the seller, then a buyer could bring a legal claim for losses as a result of such an misleading reply. The buyer’s conveyancers may also conduct an enviro search. This will higlight whether there is a recorded flood risk. If so, further inquiries will need to be conducted.
I have todaybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in South West London for a purchase of a freehold house 9 months ago. How can I check that my home is registered correctly in the name of the previous owner?
The quickest method to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of South West London conveyancing specialists.
I am buying a new build house in South West London with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about the extras as it would adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.