Can you explain why leasehold purchase conveyancing in Westbury On Trym is more expensive?
The conveyancing costs on a leasehold premises in Westbury On Trym is inevitably higher as compared to a freehold acquisition or disposal. This is due to the additional work required in communicating with the landlord and managing agents to obtain information concerning whether the rent and maintenance fee have been discharged and whether there are any major works due in the foreseeable future on repairs or maintenance of the building.
My Conveyancer in Westbury On Trym is not listed on the Bank of Scotland Solicitor Panel. Is it possible for me to retain my prefered solicitor notwithstanding that they are not on the Bank of Scotland panel of approved conveyancing solicitors?
The limited options available to you here include:
- Carry on with your existing Westbury On Trym lawyers but Bank of Scotland will need to use a conveyancer on their list of acceptable firms. This will result in additional overall conveyancing fees and result in delays.
- Get an alternative practitioner to act in the conveyancing, not forgetting to check they are Bank of Scotland approved.
- Persuade your Bank of Scotland solicitor to seek to join the Bank of Scotland panel
Is it correct that all Westbury On Trym CQS (Conveyancing Quality Scheme) solicitors are on the Principality conveyancing list of approved practices?
A selection of lenders now use CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their panels.
Intending to buy a house in Westbury On Trym. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Westbury On Trym conveyancing practitioner is on the Lloyds conveyancing panel.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Westbury On Trym solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Westbury On Trym surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I'm buying my first flat in Westbury On Trym with a loan from Virgin Money. The sellers refused to move on the amount so I negotiated 6k of additionals instead. The sale representative suggested that I not to tell my lawyer about this extras as it could adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a simple, no chain conveyancing. Westbury On Trym is the location of the property. Is there any guidance you can impart?
Flying freeholds in Westbury On Trym are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Westbury On Trym you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Westbury On Trym may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.