My partner and I are acquiring a newly constructed duplex in Cheshire and my lawyer is advising me that she has to the mortgage company to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I don't want to delay the conveyancing. is my lawyer playing by the book?
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 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.
Completed the sale of my flat in Cheshire last December but my buyer keeps SMS messaging daily to say their conveyancer needs to hear from mine. What are the post completion sale legalities now that I have sold?
Post completion of your disposal your lawyer should deliver the transfer deeds and all supplemental paperwork to the buyer’s conveyancer. Where appropriate, your lawyer must also confirm that the home loan has been discharged to the purchasers lawyers. There are no post completion steps peculiar conveyancing in Cheshire.
We wanted to use a property lawyer in Cheshire for our home move. Our broker informed us that our mortgage company The Mortgage Works won't deal with them. Why is this not regarded as unduly restrictive?
A decade ago most mortgage companies had a different appetite for risk. Almost all Cheshire conveyancing firms would have been on most bank panels. The Financial Services Authority in 2010 conducted a thematic review into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies are increasingly seeing more data from law firms relating to their operations and their employees and establishing certain criteria such a completing on a minimum amount of transactions. Many Cheshire conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Cheshire is amongst the numerous areas where the lawyers showing on our search results are members of the panel for The Mortgage Works.
I need some fast conveyancing in Cheshire as I am faced with a deadline to sign on the dotted line within one month. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are not getting a mortgage you have the choice not to have searches conducted although no solicitor would advise that you don't. Drawing on our experience of conveyancing in Cheshire the following are examples of issues that can arise and therefore affect future saleability: Enforcement Actions, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I'm purchasing my first flat in Cheshire 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 property agent told me not reveal to my lawyer about this side-deal as it will put at risk my loan with Coventry Building Society. Do I keep my lawyer in the dark?.
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 today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Cheshire. Conveyancing advisers have are about to be instructed. Will they explain the issues?
Most houses in Cheshire are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Cheshire so you should seriously consider looking for a Cheshire conveyancing practitioner and check that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the upkeep of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
Cheshire Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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Can you inform me if there are any major works in the planning that could increase the service costs? You should be aware if it is no more than 80 years it will affect the value of the property. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will most likely have to extend the lease at some point and it is worth discovering how much this will be. Remember, in most cases you will need to own the property for a couple of years before you are legally able to exercise a lease extension. This question is helpful as a) areas can result in problems in the building as the common areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have a dispute with the managing agents you will want to have all the details