We are buying a newly built duplex in Devon and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and my preference is not to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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.
I am purchasing a property in Devon. A rare aspect is that the roof has a solar panel. Yorkshire BS have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Yorkshire BS your lawyer must follow the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook sets out minimum conditions for solar panel roof-space leases, and solicitors are required to report to Yorkshire BS where a lease does not meet these requirements. The specifications relate to the installation of panels on properties nationwide and is not restricted to Devon.
About to purchase flat in Devon. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Yorkshire BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Devon solicitor is on the Yorkshire BS conveyancing panel.
My offer on a house in Devon has been agreed to, but there is a chain. The sellers have put an offer on a flat, but it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have instructed a nearby conveyancing solicitor in Devon. What should be my next step? At what point should I apply for the mortgage with Barclays?
It is usual to have apprehensions where there is a chain as you are unlikely to want to incur expenses prematurely (mortgage application is approx one thousand pounds, then survey, Devon conveyancing search charges, etc). The first course of action is to check that your conveyancing practitioner is on the Barclays conveyancing panel. As to the subsequent stages this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. During a hot market some home buyers would apply for a home loan with Barclays and arrange for the valuation and only if it was satisfactory would they request their property lawyer to press on with searches.
I'm purchasing a new build house in Devon with a loan from Bank of Scotland. The sellers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my conveyancer about this deal as it will adversely affect my mortgage with Bank of Scotland. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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 looking for a ground for flat up to £235,500 and identified one near me in Devon I like with a park and railway links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Devon suitable, so just wondered if I would be making a mistake buying a short lease?
If you require a mortgage the shortness of the lease will be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
Given that I will soon part with 450k on a garden flat in Devon I would like to talk to a conveyancer about mytransaction prior to appointing the firm. Can this be arranged?
This is something that we recommend - we would be happy to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Devon.There is no ‘factory style conveyancing’ - every client is an important person, not a case reference. The practices that we put you in touch with believe that the figure you are quoted for your conveyancing in Devon should be the amount on the final invoice that you are charged.
Can you offer any advice when it comes to finding a Devon conveyancing practice to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Devon conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We advise that you make enquires with several firms including non Devon conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be useful:
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How familiar is the practice with lease extension legislation? What are the costs for lease extension conveyancing?
Devon Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Who takes responsibility for maintaining and repairing the building? It would be sensible to find out as much as you can regarding the company managing the block as they will affect your use and enjoyment of the property. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day matters such as the tidiness of the communal areas. Enquire of other people whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the relevant party and specifically what it includes.