Unfortunately I am unable to travel far from Denbighshire. Is there a reason why all Denbighshire property lawyers aren't included on all mortgage company panels?
Before the recession most mortgage companies exhibited an approach to risk which differs from the current day. The financial regulator in 2010 instigated a thematic review into property fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, banks have subsequently soughtmore data from law firms concerning their processes and the individuals employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of law practices have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the criteria of amount of transactions the lenders set.
My husband and I are buying a newly constructed duplex in Denbighshire and my solicitor is advising me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong matters. 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.
Various online forums that I have come across warn that are the primary reason for delay in Denbighshire house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Denbighshire.
The deeds to our property are lost. The solicitors who dealt with the conveyancing in Denbighshire 10 years ago are no longer around. What do I do?
These day there are copies made of almost everything, and your conveyancer will be aware precisely where to locate all the suitable paperwork so you may purchase or dispose of your house without a hitch. If copies can’t be found, your solicitor can put in place insurance or indemnities against possible claims on your premises.
I am purchasing my first flat in Denbighshire with a loan from Bank of Ireland. The developers refused to reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not disclose to my conveyancer about this extras as it could put at risk my loan with the bank. 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Denbighshire is where the house is located. Can you offer any guidance?
Flying freeholds in Denbighshire are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Denbighshire you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Denbighshire may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.