My partner and I are acquiring a brand new duplex in Abridge and my lawyer is telling me that she is duty bound to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to delay the conveyancing. 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 bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Abridge, FTBs purchasing with a mortgage (lender is Co-operative , and our solicitor is on the Co-operative conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Co-operative conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am purchasing a house and the lawyer has referenced Chancel Repair to which the property may be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this strictly necessary for conveyancing in Abridge
Unless a prior purchase of the house completed post 12 October 2013 you may assume that conveyancing practitioners conducting conveyancing in Abridge to continue to suggest a chancel search and or chancel repair liability insurance.
I am buying my first flat in Abridge with a loan from The Royal Bank of Scotland. The builders would not reduce the price so I negotiated £7000 of additionals instead. The sale representative suggested that I not to tell my conveyancer about this extras as it may adversely affect my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I have been on the look out for a ground for flat up to £305k and found one close by in Abridge I like with open areas and station nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Abridge suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
I pay a service charge for my flat in Abridge. As a result of poor financial planning I fell into arrears with payments. I negotiated a clearance plan but there remains around £2000 left in arrears.
I want to sell and I am nervous that this can jeopardize the sale if I have to settle the arrears first. I'd like to sell up and subsequently discharge the arrears from the proceeds - is this achievable?
Do clarify with the conveyancer dealing with your Abridge conveyancing but one option could be to agree for the arrears to be attributed to the buyers. The purchase price payable would be adjusted to reflect the amount of debt they assume. They would then discharge the arrears once they are the owners.