I am purchasing a new build apartment in Bewdley and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. 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.
I am buying a new build house in Bewdley with the aid of help to buy. The builders would not reduce the price so I negotiated £7000 of extras instead. The estate agent told me not to tell my solicitor about this deal as it may put at risk my mortgage with Bank of Ireland. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, chain free conveyancing. Bewdley is the location of the property. Is there any guidance you can impart?
Flying freeholds in Bewdley are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Bewdley you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bewdley may decide 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 premises.
I was recommended by a few property agents in Bewdley to choose a property lawyer on your site. Is there a financial upside for Estate Agents to market your lawyers over and above another?
We refuse to make any referral fee for pointing buyers and sellers our way. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
Having had my offer accepted I require leasehold conveyancing in Bewdley. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and 99.9% are in Bewdley - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I purchased a 1st floor flat in Bewdley, conveyancing having been completed in 2004. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Bewdley with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease ceases on 21st October 2086
With 61 years remaining on your lease the likely cost is going to be between £19,000 and £22,000 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Why do I have to supply my solicitor with various items of ID ahead of starting selling or buying a property in Bewdley?
Bewdley property lawyers are required by the Law Society, Solicitors Regulation Authority, HMLR and current AML legislation to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and date of birth.