My partner and I are buying a brand new flat in Bordon and my conveyancer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am under pressure to exchange and I have no desire to prolong deal. is my lawyer playing by the book?
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 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 are planning on selling our property in Bordon and the buyers lawyers are claiming that there is a risk of it being built land that was not decontaminated. A high street Bordon conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Bordon. Having lived in Bordon for 4 years we know of no issue. Is it a good idea to contact our local Authority to obtain clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor currently acting for you. What do they say? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
Are there restrictive covenants that are commonly identified as part of conveyancing in Bordon?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bordon. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm purchasing my first flat in Bordon with the aid of help to buy. The developers refused to move on the price so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about this deal as it may affect my mortgage with the lender. Is this normal?.
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.
How straightforward is it to use your search tool to find a conveyancing solicitor in Bordon on the panel for my lender?
First choose a bank such as Barclays , Virgin Money or Britannia then type in your preferred area for instance Bordon. Conveyancing organisations in Bordon and across England and Wales should be listed.
Last August I purchased a leasehold house in Bordon. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Bordon Leasehold Conveyancing - Sample of Queries Prior to buying
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You should be aware if it is less than eighty years it will affect the marketability of the apartment. It is worth checking with your mortgage company that they are content with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will be be obliged to have owned the premises for a couple of years in order to be entitled to extend the lease. How many of the leaseholders are in arrears for their service charge payments? How much is the annual service fee and ground rent?