We are purchasing a newly constructed duplex in Nantyglo and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to sign contracts and I would rather not delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are the BSA intent on creating a searchable register to list law firms on the Earl Shilton BS conveyancing panel for instance in Nantyglo?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
When it comes to mortgage companies such as Coventry BS, do Nantyglo lawyers incur a fee to be on the list of approved solicitors?
We are unaware of any bank fees to register on their panel, although some do levy an administration fee to deal with the processing of the conveyancing panel application.
I have today made my last payment due on my mortgage with Coventry BS. I assume I don't need a Nantyglo solicitor on the Coventry BS panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Coventry BS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Coventry BS mortgage from the register. Coventry BS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Coventry BS has sent the Land Registry the discharge electronically, and
- Coventry BS has instructed the Land Registry to do so
I have a mortgage with Santander for my property in Nantyglo. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Santander?
Your original mortgage agreement with Santander will provide that you need their approval before renting your property as this is likely to be a breach of Santander’s mortgage conditions. It may be that Santander will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Santander directly. It should not be necessary to do this via a Santander conveyancing panel solicitor.
What does a local search reveal concerning the house I am purchasing in Nantyglo?
Nantyglo conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search is essential in every Nantyglo conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your new home. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (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 topic sections.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a simple, no chain conveyancing. Nantyglo is the location of the property. Is there any guidance you can give?
Flying freeholds in Nantyglo are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Nantyglo you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Nantyglo may decide 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.