We instructed a local lawyer for my conveyancing in Arnold last week. Going through the Terms I noteI am on the hook for fees even if the dealdoes not proceed. Should I ditch them and instruct a web based solicitor practice promising no move no charge conveyancing in Arnold?
It is usually a trade off in that if "No Sale No Fee" is offered then the conveyancing charges will generally be higher to cover those cases that do not proceed. Dont forget that such schemes rarely cover expenditure for example Arnold conveyancing search expenses.
I am the only beneficiary of my late father’s will with all property in now in my sole name, including the my former home in Arnold. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my property ownership may be treated the same way as if I'd bought the house in October. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view mortgage companies take of it, depend on the lender as this requirement is primarily there to pick up on subsales or the wholesaling and assigning of properties.
My wife and I are at the point of looking at flats in Arnold and I am about to put in an offer. Should I already have a conveyancing practitioner appointed at this point? I intend to finance via a mortgage with Co-operative.
It would be wise to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are obtaining a mortgage with Co-operative, make sure you remember to check that your lawyer is on the Co-operative conveyancing panel.
Yorkshire BS have agreed my home loan in principle, my offer on a apartment in Arnold has been agreed to, what are the next steps?
The estate agent will wish to know who your solicitors are (ensure that the conveyancers are on the lender’s approved list). Contact Yorkshire BS or the financial adviser and finalise any relevant documentation. Yorkshire BS will appoint a valuer who will get in touch with the selling agent or owners to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. Yorkshire BS will issue the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Arnold.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Arnold I like with amenity areas and station nearby, however it only has 61 years unexpired on the lease. I can't really find anything else in Arnold for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease will likely be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.
I have been pointed in your direction by a couple of local estate agents in Arnold to select a conveyancer on your site. Is there a financial advantage for Estate Agents to offer your services rather than another?
We refuse to give any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
New build sellers have suggested I use a conveyancer and I've received an estimate from them. They are nearly £400 cheaper than my preferred Arnold conveyancer. Should I use them?
Housebuilders normally have panels of property lawyers who expedite matters and who know the developer’s paperwork and conveyancer. Plenty of developers offer an incentive to select their approved conveyancing practitioner for this reason, any increased charges can be avoided and a builder won't put forward a conveyancing factory and run the risk of having the transaction delayed when they want exchange in 28 days. A counter-argument for not opting for the recommended lawyer is that they may prove reluctant to 'push' your interests for fear of upsetting the sellers. If you worry that this may be the situation you should keep with your high street Arnold conveyancing practitioner.