We are purchasing a new build flat in Bourne and my conveyancer is advising me that she has to the lender to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I don't want to delay deal. 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 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.
At what point will exchange of contracts take place for residential conveyancing in Bourne and am I required to attend the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Bourne you are welcome to attend to sign the paperwork. However, the firms we work with offer a national conveyancing service and give just as detailed and professional a job for you when communicating with you electronically. The executing of the sale agreement is not the critical part. Signing on the dotted line is necessary for the firm to address the formalities when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bourne)to be in the office at the appropriate time.
Do the Building Society Association intend to launch a online directory to list law firms on the Norwich and Peterborough Building Society conveyancing panel for example in Bourne?
We have not been informed any plans on the part of the BSA to promote such a search facility.
What will a local search tell me about the property my wife and I purchasing in Bourne?
Bourne conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for instance PSG The local search is essential in every Bourne conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I am purchasing a new build house in Bourne benefiting from help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not inform my solicitor about the side-deal as it may put at risk my loan with the lender. 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.
I have just started marketing my basement flat in Bourne. Conveyancing lawyers have not yet been instructed, however I have just received a yearly service charge invoice – what should I do?
The sensible thing to do is discharge the invoice as usual given that all rents and maintenance invoices will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a ground floor flat in Bourne, conveyancing having been completed 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Bourne with a long lease are worth £191,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2079
With only 54 years remaining on your lease we estimate the price of your lease extension to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range 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 detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.