My partner and I are acquiring a brand new apartment in Bristol and my lawyer is advising me that she is duty bound to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I would rather not delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender 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.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Bristol?
Two types of professional can do conveyancing in Bristol namely licenced conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the disposal or acquisition of property. They are both obliged to perform Bristol conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that the requirements and procedures will be accurately followed.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Bristol building society branch on various occasions and was reassured it wasn't an issue and they would lend. My Bristol conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they will not lend based on their published requirements. Who do I believe?
Provided that the property lawyer is on the lender panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook conditions for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
After much negotiation I have agreed a price on a house in Bristol. My mortgage broker recommended their conveyancers. I paid an on account payment of £200. A couple of days later, the solicitor called me sheepishly admitting that they were not on the Yorkshire BS conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Yorkshire BS panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
I'm buying my first flat in Bristol with a loan from Platform Home Loans Ltd. The developers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about the deal as it could put at risk my loan with the lender. Is this normal?.
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 am using a search engine for the phrase on line conveyancing in Bristol it reveals many solicitorslocally. How do I determine which is the suitable property lawyer for the sale of my house?
The ideal method of choosing the right conveyancer is through a personal testimonial, so ask friends and family who have acquired a property in Bristol or a local estate agent or financial adviser. Charges for conveyancing in Bristol differ, so it's sensible to request at least four costs illustrations from different property lawyers. Dont forget to clarify that the fees are fixed.
What advice can you give us when it comes to choosing a Bristol conveyancing practice to deal with our lease extension?
When appointing a property lawyer for lease extension works (regardless if they are a Bristol conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with two or three firms including non Bristol conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:
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What are the charges for lease extension work?
I invested in buying a 2 bed flat in Bristol, conveyancing having been completed August 2004. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Bristol with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease ceases on 21st October 2090
With only 64 years left to run we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.
My 20yr old son is just in the process of moving house, he had his mortgage in principle. When the seller agreed the offer on the flat we contacted the building society to issue the formal offer. We were very surprised to learn that banks do not accept all solicitor, they need to be on their approved list, is this right?
Lenders ordinarily restrict either the type or the number of conveyancing firms on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Bristol property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.