Me and my partner are purchasing a flat in Castle Eden. My Conveyancer is not on the bank conveyancing list. Is it possible for me to use my Castle Eden conveyancing solicitor notwithstanding that they are not on the lender list of approved lawyers?
One will need to appoint a solicitor to deal with the formalities when you need a loan to buy your property. The solicitor will carry out all the relevant investigations on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage paperwork is dealt with. You may instruct a Castle Eden conveyancer of your choosing. However, where the property lawyer selected is not a member of the mortgage company solicitor panel supplemental fees will arise as separate legal representation will be need by the lender. Bank panel applications can be submitted, so provided your solicitor has not in the past applied for membership they can do so.
I'm the single recipient of my late mum's estate and I have everything in my name alone, including the my former home in Castle Eden. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be regarded the same way as though I had purchased the property in September. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Most banks would take a practical view as this requirement principally exists to pick up on the purchase and immediately sell or the quick reselling of property.
Is it the case that all Castle Eden solicitors on the UBS conveyancing panel are overseen by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the UBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. Many banks do permit licenced conveyancers on their panel and in such a situation the practice would be regulated by the Council of Licensed Conveyancers.
I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Castle Eden bank branch on a couple of occasions and was told it wasn't an issue and they would lend. My Castle Eden conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the property lawyer is on the bank panel, they must follow the CML Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
What can a local search reveal about the house my wife and I buying in Castle Eden?
Castle Eden conveyancing often commences with the submitting local authority searches directly from your local Authority or via a personal search organisations for example Onsearch The local search is essential in every Castle Eden conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Castle Eden?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Castle Eden. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Castle Eden benefiting from help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my solicitor about the deal as it could put at risk my loan with the lender. 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 UK Finance website. UK Finance 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.
The mortgage broker has suggested using their conveyancing practitioner for our conveyancing in Castle Eden - won’t it be better to just instruct them?
This is not necessarily the case and you are at liberty to instruct whichever property lawyer of your choosing for your Castle Eden home move. A conveyancer suggested by a 3rd party adviser may not necessarily be the best conveyancing practitioner, they may suggest their preferred conveyancing firm who are based far away. In this instance you may not have contact with your lawyer and due to the lack of continuity in the transaction, it may be difficult to obtain updates.