My partner and I are buying a brand new apartment in Killay and my solicitor is advising me that she is duty bound to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When it comes to mortgage companies such as Clydesdale, do Killay conveyancers incur a yearly amount to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their list of approved firms, although some do charge an administration fee to deal with the processing of the conveyancing panel application.
It is unclear whether my bank requires a lease extension. I have called my Killay building society branch on numerous occasions and was told they are content with the situation and they would lend. My Killay conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
As long as the lawyer is on the lender approved list, they must comply with the CML Handbook specifications for the bank. 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.
Nationwide have agreed my mortgage in principle, my offer on a property in Killay has been agreed to, now what?
Your estate agent will need to know who your solicitors are (make sure the conveyancers are on the bank’s approved list). Contact Nationwide or the broker and finish off any relevant documentation. Nationwide will sellect a valuer who will get in contact with the selling agent or seller to book a slot for the valuation to take place. Once carried out (assuming no problems) it takes approximately a fortnight to get a mortgage offer. Nationwide will send the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Killay.
Various web forums that I have visited warn that are the number one cause of hinderance in Killay house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Killay.
I've recently found out that there is a flying freehold issue on a house I put an offer in last month in what was supposed to be a straight forward, no chain conveyancing. Killay is the location of the property. Can you shed any light on this issue?
Flying freeholds in Killay are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Killay you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Killay 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 property.
Should I be wary by 3rd parties that I am dealing with are suggesting a web based conveyancing firm rather than a High Street Killay conveyancing firm?
As is the case with lots of service providers, often suggestions from family and friends can be worth their weight in gold. Nevertheless there are numerous people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and lenders might all recommend lawyers to use. Sometimes these solicitors might be known to one of the organisations as being good in their field, but occasionally there may be a financial incentive behind the endorsement. You are at liberty to choose your own lawyer. Don't forget that many lenders operate an approved list of law firms you have to use for the mortgage related work in your conveyancing.