Various online forums that I have frequented warn that are the main reason for obstruction in Wellington house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the common causes of delays during the legal transfer of property. Searches are unlikely to feature in any holding up conveyancing in Wellington.
3 months have elapsed following my purchase conveyancing in Wellington took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying my first flat in Wellington with a loan from Nottingham Building Society. The developers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The house builders rep suggested that I not to tell my lawyer about the side-deal as it could impact my loan with the bank. Is this normal?.
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.
Do I need to be suspicious about estate agents that I am dealing with are recommending a national conveyancing firm rather than a High Street Wellington conveyancing company?
As with lots of professional services, often input from connections can be extremely useful or valuable. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and lenders might all put forward solicitors to use. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but sometimes there exists a financial incentive behind the recommendation. You are at liberty to select your preferred lawyer. You need to be aware that some banks have an approved list of conveyancers you have to use for the mortgage related work in your conveyancing.
I am short of a 10% deposit on my house purchase in Wellington , but I am keen proceed. What can I do?
One option is to try and accept a lesser deposit. Most property owners will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment