My wife and I are purchasing a new build apartment in Southport and my solicitor is telling me that she has to the lender to disclose incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Will conveyancers ask for money on account for conveyancing in Southport?
Where you are retaining lawyers for conveyancing in Southport your lawyer will ask you place them with funds to cover the search fees. Generally this is called for to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this will be needed shortly prior to contracts are exchanged. The closing balance that is due should be transferred shortly before completion.
My bid for a property was accepted at auction in Southport. Conveyancing is required. What are my next steps?
Now that you are legally bound yourself to purchase you will need to hire the services of a conveyancing practitioner as a matter of urgency as you now have a pending a drop dead date to complete the conveyancing. An auction property should have an associated legal pack. This will include most,if not all of the paperwork that your conveyancer will need. Where you are dealing with leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You must give this to your appointed conveyancing solicitor as soon as possible. Do make sure that your finances are in order to complete the transaction on the set completion date.
I'm the only recipient of my late father’s estate and I have everything in my name now, including the house in Southport. The Southport property was put into my name in June. I now wish to sell up. I do know about the CML six month 'rule', which means that my proprietorship will be regarded the same way as if I'd bought the property in June. Will no one buy the property for half a year?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Most mortgage companies would take a practical view as this provision is chiefly there to capture subsales or the wholesaling and assigning of property.
is it true that all Southport conveyancing solicitors on the Clydesdale conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be governed by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel and in such a situation the organisation would be regulated by the Council of Licensed Conveyancers.
I have recentlydiscovered that Action Conveyancing have closed. They carried out my conveyancing in Southport for a purchase of a leasehold flat 9 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Southport conveyancing specialists.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Southport is where the house is located. What do you suggest?
Flying freeholds in Southport are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Southport 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 Southport may ascertain 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 residence.