I am buying a newly built duplex in South Woodham Ferrers and my conveyancer is advising me that she has to the bank to disclose incentives from the seller. I am on a tight deadline to exchange and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
As someone not used to the South Woodham Ferrers conveyancing process what’s the number one tip you can give me for the ownership transfer in South Woodham Ferrers
You may not hear this from too many lawyers but conveyancing in South Woodham Ferrers and elsewhere in Essex is often a confrontational process. Put another way, when it comes to conveyancing there exists lots of room for friction between you and other parties involved in the ownership transfer. For instance, the vendor, property agent and sometimes the bank. Choosing a law firm for your conveyancing in South Woodham Ferrers an important selection as your conveyancer is your adviser, and is the SOLE person in the transaction whose role it is to protect your legal interests and to keep you safe.
There is a worrying ongoing adversarial element to conveyancing- someone has to be at fault for the process being so protracted. We recommend that you must always trust your conveyancer above all other parties in the home moving process.
I'm the sole recipient of my late mum's will with all property in now in my sole name, including the my former home in South Woodham Ferrers. Conveyancing formalities meant that the Land Registry date was in April. I now wish to sell up. I understand that there is a CML 6 month 'rule', which means that my property ownership could be treated the same way as though I had purchased the property in April. 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 might be affected by that. How sensible a view lenders take of it, depend on the lender as this requirement is principally there to identify the purchase and immediately sell or the quick reselling of properties.
Does a directory service exist listing Virgin Money panel conveyancers in South Woodham Ferrers on the UK Finance Lenders’ Handbook Website?
Unfortunately not yet. There is no such directory service on the CML or Building Society Association websites. A small selection of lenders make their panel listings viewable online. Where you are looking for a South Woodham Ferrers conveyancing practitioner on the Virgin Money please use our tool.
I was told two weeks ago that my mortgage has been agreed to by Co-operative. Is it usual for Co-operative to only issue the offer once my solicitor in South Woodham Ferrers is approved on their conveyancing panel? Co-operative have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Co-operative to deal with your lawyer's application to be on the Co-operative conveyancing panel. There's no guarantee that your solicitor will be accepted.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in South Woodham Ferrers I like with a park and railway links in the vicinity, however it's only got 51 remaining years left on the lease. I can't really find anything else in South Woodham Ferrers for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
I acquired a house in South Woodham Ferrers last 19/2/2020 and to date it is still not recorded with the Land Registry. It is part of a new estate and my conveyancer told me that it may take one year to register. I have contacted HMLR directly and they say that the original application was cancelled due to questions not being addressed in time. Should I be concerned?
Call your lawyer - if you are not getting sensible responses, look up their firm’s complaints protocol and amplify your problem to a Partner. Registrations for South Woodham Ferrers conveyancing are not known to be especially complex.