Am I correct in assuming that the fact that my solicitor in Sunningdale is not identified on my mortgage company's conveyancing panel that there is a problem with the quality of his conveyancing?
That is more than likely a wrong assumption to make. There are all sorts of perfectly plausible explanations. Just recently a report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Sunningdale conveyancing practice and ask them why they are no longer on the approved list for your bank.
I have given 2 months notice to my existing landlord and must vacate my let out apartment in Sunningdale by the end of next month. Conveyancing for my house purchase has just started. Can I complete in a couple of weeks as don't want to have to find short term accommodation?
The normal practice is not to give notice for your lease until exchange of contracts has taken place. Assuming that you have not previously done so, notify to your conveyancer and ask them to they chase the other side, try to an agreed time frame that all parties will aim towards
I'm purchasing my first flat in Sunningdale with a loan from TSB. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative advised me not inform my lawyer about this side-deal as it could adversely 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 have been pointed in your direction by a few selling agents in Sunningdale to choose a solicitor on your site. Is there a financial upside for Estate Agents to offer your lawyers ahead of another?
We don’t offer any financial incentive for directing people our way. We thought it would be too underhand to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
What makes a Sunningdale lease unmortgageable?
Leasehold conveyancing in Sunningdale is not unique. Most leases are unique and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Leeds Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to pull out.
Leasehold Conveyancing in Sunningdale - Sample of Queries Prior to buying
Its a good idea to find out as much as possible about the managing agents as they will either make your life much easier or much more difficult. As the owner of a leasehold property you are frequently in the clutches of the managing agents both financially and when it comes to day to day issues like the cleanliness of the common parts. Ask other tenants if they are happy with their management. On a final note, find out the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes. How much is the ground rent and service charge? Best to be warned whether redecorating or some other significant cost is coming up that will be shared between the tenants and will dramatically impact the level of the service charges or necessitate a one time payment.