We are purchasing a new build duplex in Crickhowell and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the developer. I am under pressure to exchange 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 lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It has been three months since my purchase conveyancing in Crickhowell took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Crickhowell differ for newly converted properties?
Most buyers of new build premises in Crickhowell approach us having been asked by the builder to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Crickhowell usually purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Crickhowell or who has acted in the same development.
I have been on the look out for a ground for flat up to £245,000 and found one near me in Crickhowell I like with open areas and station nearby, the downside is that it only has 61 years on the lease. I can't really find anything else in Crickhowell in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I was pointed in your direction by a few estate agents in Crickhowell to select a solicitor on your site. What’s the financial inducement for Estate Agents to market your services over a competitor’s?
We refuse to make any financial incentive for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Me and my wife have just had an offer agreed on a property and had meeting on Wednesday with Nationwide for the mortgage. They warned me that when it comes to choosing a solicitor that if they are not on their approved panel of lawyers then we will have to pay out an extra fee of about two hundred pounds. This is is due to the fact that they will then have to instruct a property lawyer to act for them in addition to the one we choose to act on our behalf and we will be on the hook for their fees. I have requested Nationwide to supply me with a list so I can request estimates only from their approved solicitors but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
You should ask Nationwide what their panel criteria is for a solicitor.Thereafter ask the lawyer of your choice whether they meet the criteria and have they acted on loans for Nationwide historically. If the answer to those is yes, then just clarify this with Nationwide. Alternatively please utilise our search tool and we may be able to locate a lawyer in Crickhowell on the panel for Nationwide.