My husband and I are acquiring a newly constructed duplex in Bodfari and my lawyer is informing me that she has to the mortgage company to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I don't want to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Having sold my house in Bodfari last August yet the purchaser is Skype messaging me to moan that his solicitor is waiting to hear from mylawyer. What are the post completion sale legalities now that I have sold?
Following your disposal your conveyancer should send the transfer deeds and all of the paperwork to the buyer’s solicitors. If applicable, your lawyer must also confirm that the home loan has been discharged to the purchasers solicitors. There are no post completion steps peculiar conveyancing in Bodfari.
We're in Bodfari, FTBs buying with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer 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'm buying my first flat in Bodfari with a mortgage from HSBC Bank. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent told me not to tell my lawyer about this extras as it may put at risk my mortgage with the bank. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Bodfari before retaining lawyers. I have been advised that there is a flying freehold overhang to the property. My surveyor advised that some lenders will refuse to issue a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bodfari. Conveyancing will be smoother if you use a solicitor in Bodfari especially if they regularly deal with such properties in Bodfari.
My partner has urged me to appoint his lawyers for conveyancing in Bodfari. Do I follow his recommendation?
No doubt it’s preferable to choose a conveyancing solicitor is to get feedback from friends or relatives who have previously instructed the firm that you are considering.