Why do I have to pay up front when it comes to conveyancing in Steyning?
Where you are retaining lawyers for conveyancing in Steyning your solicitor will request that you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this should be asked for immediately before contracts are exchanged. The closing balance that is needed should be sent to your lawyer shortly before completion.
We wanted to use a property lawyer in Steyning for our home move. Our financial adviser informed us that our mortgage lenders HSBC Bank won't deal with them. Surely this is unfair competition?
Banks tend to imposes restrictions either the category or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a law practice must not be a sole practitioner. As well as restricting the type of firm, some have decided to limit the amount of solicitor practices they permit to act for them. Be aware that HSBC Bank have no responsibility for the quality of advice provided by any member of HSBC Bank Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Data from the Land Registry indicate that thousands of law firms, including some in or near Steyning only perform a couple conveyances a year.
What will a local search inform me regarding the house I am buying in Steyning?
Steyning conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Steyning conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications relevant 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 13 subject headings.
I am buying a new build house in Steyning with a mortgage from Halifax. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative told me not to tell my lawyer about the extras as it would jeopardize my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Do I stop my mortgage payments with Co-operative once a completion date for my sale in Steyning has been set?
No, you must continue meeting any mortgage sums to Co-operative pending the mortgage being paid off out of the proceeds of sale as part of your Steyning conveyancing.