Why do I have to pay up front when it comes to conveyancing in South Woodford?
Where you are retaining lawyers for conveyancing in South Woodford your lawyer will ask you to provide them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the deposit is payable against the purchase price then this will be asked for shortly before contracts are exchanged. Any further balance that is due will be payable shortly before completion.
My wife and I have arranged a further advance on our mortgage from Principality as we wish to carry out renovations to our property in South Woodford. Are we obliged to select a nearby South Woodford solicitor on the Principality conveyancing panel to deal with the paperwork?
Principality don't usually appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I had a mortgage agreed in principle with Bank of Ireland. South Woodford conveyancing practitioners are chosen. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?
There is no definitive answer here. Have Bank of Ireland completed the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I am due to exchange contracts on my apartment. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's lender, Bank of Ireland are being problematic. The South Woodford solicitor who is on the Bank of Ireland conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Bank of Ireland are insisting on a building regulation certificate. Why do Bank of Ireland have a conveyancing panel if they don't accept advice from them?
It is probably the case that Bank of Ireland have referred the matter to their valuer. The reason why Bank of Ireland may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Will my solicitor be asking questions regarding flooding as part of the conveyancing in South Woodford.
The risk of flooding is if increasing concern for solicitors dealing with homes in South Woodford. There are those who acquire a property in South Woodford, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to get a mortgage, adequate 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 best placed to impart advice on flood risk, but there are a number of searches that can be carried out by the buyer or by their conveyancers which should figure out the risks in South Woodford. The conventional set of property information forms given to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the seller, then a buyer could commence a compensation claim as a result of such an misleading response. A purchaser’s lawyers may also conduct an enviro report. This should reveal whether there is a recorded flood risk. If so, more detailed investigations should be initiated.
I'm purchasing my first flat in South Woodford with the aid of help to buy. The developers refused to budge the price so I negotiated 6k of extras instead. The property agent advised me not inform my solicitor about this extras as it would affect my loan with the bank. 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.
I am considering instructing a web based lawyer rather than a South Woodford conveyancing practice. Any advice?
Advantages do exist in having the option pop in to a local South Woodford conveyancing solicitor such as
- signing papers on short notice
- sometimes being able to see someone face-to-face can make a huge difference, particularly for non-standard house moves
- the ability to raise concerns if matters are not going as expected
When checking estimates, look carefully for hidden extras. The majority decent South Woodford high street solicitors give an all-inclusive price. Many online agents appear to offer cheap prices, but have burried 'extras' in the in the terms and conditions.