When will exchange of contracts occur in residential conveyancing in Waterloo and do I need to attend the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Waterloo you are invited in to sign documents. That being said, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide just as diligent and professional a job for you when communicating with you electronically. The executing of the purchase agreement is not when everything is set in stone. Signing on the dotted line simply enables the solicitor to exchange contracts when the time is right, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Waterloo)to be in the office at the appropriate time.
I'm the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Waterloo. Conveyancing formalities meant that the Land Registry date was in October. I plan to dispose of the house. I do know about the CML 6 month 'rule', meaning my proprietorship will be regarded the same way as though I had purchased the house in October. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How sensible a view lenders take of it, depend on the mortgage company as this provision primarily exists to pick up on subsales or the wholesaling and assigning of properties.
I am currently in the process of buying my council flat in Waterloo. I have a mortgage agreed with Nationwide. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Waterloo bank branch on a couple of occasions and was informed it wasn't a problem and they would lend. My Waterloo conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
The solicitor must follow the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
What will a local search tell me concerning the house my wife and I buying in Waterloo?
Waterloo conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Searches UK The local search is essential in every Waterloo conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search will reveal information on, amongst other things, details on planning applications applicable to the property (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 thirteen subject sections.
I moved into my flat on 2 June and the transaction details is not yet on the land registry website. Need I be worried? My conveyancing solicitor in Waterloo advises it should be registered inside ten days. Are properties in Waterloo uniquely lengthy to register?
As far as conveyancing in Waterloo is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ according to the party submitting the application, whether it is in order and whether the Land registry need to notify any 3rd parties. At present roughly three quarters of such applications are fully dealt with within two weeks but occasionally there can be longer delays. Historically registration occurs after the new owner is living at the premises thus 'speed' is not usually an essential issue but where there is a degree of urgency associated with the registration then you or your conveyancer should speak with the land registry and explain the circumstances.
Due to the advice of my in-laws I had a survey completed on a property in Waterloo prior to appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some mortgage companies will not issue a loan on a flying freehold home.
It varies from the lender to lender. Bank of Scotland has different requirements from Halifax. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Waterloo. Conveyancing may be slightly more expensive based on your lender's requirements.