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Conveyancing Before You Buy

Posted by on Feb 2, 2016 in Conveyancing Advice, Uncategorized | 0 comments

Conveyancing Before You Buy

WHAT TO THINK ABOUT

WHAT HAVE I FORGOTTEN?


Is your head buzzing with ideas yet? We’ve outlined our checklist below to help you through the thinking part of the moving process. Don’t worry, they might not all apply to you, but it will help you remember the little things to make your move that little bit easier…

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Our checklist has both serious and lighter notes to it. It’s no secret that moving home can be a challenge, but remember that you’ll most likely only do this a few times in your lifetime. For many people a house is a home with many memories. It is important that on your moving day you try to take time to enjoy the moment and the excitement of such a big event. You’ll be busy, but that’s the nature of a home move!

When buying:

  • Organise your survey and mortgage;

  • Contact Conveyancing Lawyers for your solicitor;

  • Organise your removal specialists;

  • Calculate your deposit and have it ready;

  • Arrange buildings insurance for your new home;

  • Check out the utility suppliers;

  • Work out the stamp duty if applicable;

  • Enroll the kids at school if moving far afield;

  • Arrange your new doctor and dentist; and

  • Have a takeaway number ready for your first meal while unpacking!

When selling:

  • Obtain your title deeds;

  • Get a repayment figure from your mortgage lender;

  • Instruct a reputable estate agent;

  • Contact Conveyancing Lawyers for your solicitor;

  • Organise your removal specialists;

  • Take your utility meter readings;

  • Be sentimental – take a picture of your home before you leave;

  • Arrange for storage or follow the purchase advice above;

  • Settle any outstanding bills that come to your address; and

  • Do a final head count to make sure the kids and pets have come with you!

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MORTGAGES & BANKS

RULES THAT BIND US ALL

If you use a lender or bank to help buy your property brings its own unique set of rules that you must be aware of. The first thing you must be aware of is that your appointed lawyers most probably also act for your bank. Is this an issue? Well it can in many cases complicate matters, for instance

Your bank or lender will ask your lawyer to confirm many areas. Despite the fact that your bank or lender has stated that they will provide funding, they ask your lawyer to ensure other details before sending the funds. For example, but not exclusive….

1. If your financial situation changes

2. If the purchase price changes

3. If any party to the purchase changes

4. If you are receiving any of your deposit from another person

5. If you have deviated from any of your agreements or circumstances that you discussed with your bank

6. If ALL the paperwork for the property is in place (no exceptions)

7. If ALL the searches have been completed and are all ok.

8. Your identity has been confirmed.

9. And finally and possibility that all the conditions of the loan including all the conditions of the Council of Mortgage Lenders Handbook(CML) have been adhered to.

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Caution !


If ANY issue arises your lawyer must report this to your lender and then the lender will decide if they still intend to loan the funds. The further problem is that in some cases reaching a decision from many lender can take several weeks. This again can cause massive stress and pressure for both you and your lawyers who are chasing, but ultimately waiting on an answer from the lenders.

 

Correct Building paperwork and the CML Rules

The fundamental issue surrounds the issue of having ALL the correct paper work in place to show that the works done were done will all approvals in place. Having say, 9 out of 10 of the deeds if not enough. You may be happy with the documents, the builder and have lived with the alterations for years yet this is not enough. Any UK lender will insist that before they provide any money to buy or remortgage any property the deeds must be in place. This is a non negotiating position set down by lenders under their unified Council of Mortgage Lenders (CML) Rules. You can imagine that if your potential purchaser cannot get a loan over your property they it will have limited value. To compound this there may be alterations to the property which predate your ownership and are out with your knowledge.

The easiest way to check all is well is to examine any survey or home report your valuer will be using to sell your property. Check that you have in place all the documents to cover any works they highlight, and if in doubt let us help you piece the documents together before any issue arises.

CALL AND SEE HOW WE MAKE THE DIFFERENCE TO CLIENTS

With the support of our professional advisers and business partners we can keep you in the best position regardless of where your conveyancing transaction is within Scotland. Our Solicitors can call out to visit you and we can even arrange for some local financial advice or estate agent if you require a wider appreciation of the local market you are selling or buying in.

 

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