My wife and I are buying a newly constructed flat in Fenham and my solicitor is advising me that she is duty bound to the bank to disclose incentives from the developer. I am on a tight deadline to exchange and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When does exchange of contracts happen for purchase conveyancing in Fenham and do I need to attend the conveyancers branch?
If you are local to our conveyancing solicitors in Fenham you are invited in to sign contracts. However, the firms we work with provide a countrywide conveyancing service and provide just as diligent and professional a job for you when communicating with you by post or email. The signing of the purchase agreement is not when everything is set in stone. A signed contract is just a prerequisite for the conveyancer to exchange contracts when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Fenham)to be in the office available at the end of the phone to exchange contracts.
My lender has recommended a law firm on their panel based in Fenham but I would rather use a conveyancing lawyer in Fenham or nearer to where I live. Can you help?
The minority of Fenham conveyancing practitioners are on all banks conveyancing panel. Do make the most of our find an approved solicitor tool to find a Fenham conveyancing solicitor on the on the lender panel.
I'm purchasing my first flat in Fenham with a loan from Santander. The developers would not budge the amount so I negotiated 6k of extras instead. The property agent advised me not disclose to my lawyer about the extras as it could impact my mortgage with Santander. 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 opted to have a survey done on a property in Fenham before instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor has said that some mortgage companies may refuse to issue a mortgage on this type of property.
It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you e-mail us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Fenham. Conveyancing will be smoother if you use a solicitor in Fenham especially if they are accustomed to such properties in Fenham.
My partner and I have an offer in principle from Bank of Ireland who said we could borrow up to £350k. At what point do I need to appoint a solicitor for conveyancing? Fenham is where we are buying.
You can appoint a conveyancing practitioner now requesting that they open a file on your behalf. This will enable: 1) the selling agent to send out the Sales Memorandum to all parties 2) the seller’s property lawyer to send out the draft agreement. However, do not instruct your lawyer to start searches until you have your valuation report from Bank of Ireland and you are content to move forward.