My partner and I are buying a newly constructed duplex in Eastwood and my conveyancer is informing me that she is duty bound to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I have no desire to delay 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 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.
I own a freehold residence in Eastwood but still pay rent, why is this and what is this?
It’s unusual for properties in Eastwood and has limited impact for conveyancing in Eastwood but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Are the BSA planning on creating a online directory to to identify law firms on the Darlington Building Society conveyancing panel for example in Eastwood?
We have not been informed any intention on the part of the BSA to promote such a register.
We have agreed to purchase a house in Eastwood. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Leeds Building Society be concerned?
Given that you are obtaining a mortgage with Leeds Building Society your lawyer must follow the formal requirements contained in Section two of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook sets out minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Leeds Building Society where a lease does not satisfy these provisions. The conditions relate to the installation of panels on properties countrywide and is not isolated to Eastwood.
After shopping around on the internet I have found a Eastwood conveyancing practitioner having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Eastwood postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Eastwood.
Barclays have agreed my mortgage in principle, my offer on a house in Eastwood has been agreed to, what happens next?
Your property agent will need to be informed of your lawyer's details (ensure that the property lawyers are on the lender’s approved list). Call up Barclays or your broker and complete any appropriate documentation. Barclays will appoint a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once carried out (assuming no problems) it takes about a fortnight for the mortgage offer to be issued. Barclays will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Eastwood.
I am buying my first flat in Eastwood with a mortgage from Birmingham Midshires. The sellers refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative suggested that I not disclose to my solicitor about the extras as it may affect my loan with Birmingham Midshires. 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.
Living abroad it is not practicable to attend my Eastwood conveyancing lawyers office to execute documents connected to my conveyancing in Eastwood – will this be an issue?
You need not be concerned. Eastwood conveyancing solicitors can undertake home moves for clients throughout the rest of the country. It is not necessary for you to be able to visit a Eastwood conveyancers office. Almost all solicitor can undertake all communications using post, email, telephone and fax.