I do hope you can assist me. My Hinckley solicitor is assuring me that he has toapply for Hinckley conveyancing searches asthe firm are on the Santandersolicitor panel. Do I not have a choice here?
You have limited options available to you. As you are taking a home loan with a lender your lawyer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your solicitor would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Hinckley conveyancing searches.
I am considering applying for a Coventry BS mortgage for purchase of a newly converted (under development) in Hinckley with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Coventry BS ?
There is nothing to stop you using your solicitor, but Coventry BS will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
How does conveyancing in Hinckley differ for new build properties?
Most buyers of new build or newly converted property in Hinckley contact us having been asked by the builder to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Hinckley tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Hinckley or who has acted in the same development.
I have been on the look out for a flat up to £195,000 and identified one close by in Hinckley I like with open areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Hinckley in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I have been pointed in your direction by two or three local selling agents in Hinckley to get a quote from a property lawyer using your seach tool. Is there a financial incentive for Estate Agents to recommend your services over and above a competitor’s?
We don’t give any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult a fee because a client could think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.