I happen to be the sole beneficiary of my late grandmother’s will with all property in now in my sole name, including the house in Walton on the Naze. The Walton on the Naze property was put into my name in September. I now wish to sell up. I understand that there is a Mortgage Lenders six month 'rule', which means that my property ownership could be regarded the same way as though I had purchased the property in September. Do I have to wait 6 months to sell?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most mortgage companies would take a pragmatic view as this requirement chiefly exists to capture the purchase and immediately sell or the quick reselling of property.
I am expecting a DIP from Barclays this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Barclays recommend any Walton on the Naze solicitors on the Barclays conveyancing panel, or is it better to go independently?
You will need to appoint Walton on the Naze solicitors independently although you'll need to choose one on the Barclays conveyancing panel. The solicitor represents both you and Barclays through the process.
I have finally had an offer on a flat in Walton on the Naze accepted, the owners do nevertheless have a connected purchase. The owners have put an offer on on an apartment, but it’s not yet tied up, and are looking at other properties booked. I have selected a bricks and mortar conveyancing solicitor in Walton on the Naze. What should be my next step? At what point should I apply for the mortgage with Barclays?
It is normal to have anxieties where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Walton on the Naze conveyancing search fees, etc). The first course of action is to ensure that your conveyancing practitioner is on the Barclays approved list. As to the subsequent steps this very much dictated by the circumstances of your case, desire for this property and on the state of the market. In a buoyant market some home buyers will apply for a home loan with Barclays and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Walton on the Naze.
I am purchasing a property and the solicitor has referenced Chancel Repair to which the property could be obligated to pay given it’s proximity to the area of such a church. She has mentioned insurance. Is this really required for conveyancing in Walton on the Naze
Unless a prior purchase of the property took place after 12 October 2013 you could assume that lawyers carrying out conveyancing in Walton on the Naze to remain encouraging a chancel search and or chancel repair liability insurance.
I'm purchasing my first flat in Walton on the Naze with a loan from Nationwide Building Society. The sellers refused to reduce the price so I negotiated 6k of extras instead. The property agent told me not disclose to my conveyancer about this side-deal as it may affect my mortgage with Nationwide Building Society. Is this normal?.
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 opted to have a survey carried out on a house in Walton on the Naze prior to instructing solicitors. I have been told that there is a flying freehold overhang to the property. My surveyor has said that some lenders may refuse to give a mortgage on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Walton on the Naze. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Walton on the Naze to see if the conveyancing costs will increase in light of this.
My wife and I are purchasing a first floor flat in Walton on the Naze. At the point of instructing our property lawyer, they said that they were on all major UK bank panels. The financial adviser emailed today to advise that they don't appear to be on the Co-operative approved list. If it turns out to be true, what should we do? Should we simply pick a different property lawyer that is on their panel or do we pay for dual representation, with Co-operative selecting their own preferred conveyancer.
When acquiring a property with mortgage finance it is usual for the buyer’s solicitors to also represent the mortgage company. In order to act for a bank or building society a conveyancing practitioner has to be on that lender's conveyancing panel. An application has to be made by the conveyancer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancer has to satisfy. Some lenders now insist their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should call Co-operative to find out if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Co-operative's conveyancing panel as you are at liberty to use your preferred Walton on the Naze lawyers, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.