We are buying a brand new flat in Rushden and my conveyancer is informing me that she is duty bound to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am expecting a DIP from Santander this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Santander recommend any Rushden solicitors on the Santander conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Rushden solicitors independently although you'll need to choose one on the Santander conveyancing panel. The solicitor represents both you and Santander through the process.
I have paid off my mortgage with Skipton. I assume I don't need a Rushden lawyer on the Skipton panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Skipton 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 Skipton mortgage from the register. Skipton, 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 Skipton has sent the Land Registry the discharge electronically, and
- Skipton has instructed the Land Registry to do so
I currently have a mortgage with RBS for my property in Rushden. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. In many cases banks or building societies will allow you to rent 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 RBS directly. You need not do this via a RBS conveyancing panel lawyer.
I require quick conveyancing in Rushden as I am under a deadline to sign on the dotted line within one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
If.Given you are not getting a home loan you are at liberty not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Rushden the following are instances of issues that can crop up and therefore impact future mortgageability: Enforcement Actions, Overdue Charges, Overdue Grants, Road Schemes,...
How does conveyancing in Rushden differ for newly converted properties?
Most buyers of new build residence in Rushden approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Rushden tend to buy the site, 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 conveyancers 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 accustomed to new build conveyancing in Rushden or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Rushden prior to retaining solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will refuse to give a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you contact us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rushden. Conveyancing will be smoother if you use a solicitor in Rushden especially if they regularly deal with such properties in Rushden.