My husband and I are purchasing a newly built duplex in Garstang and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline 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 solicitor. 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.
Can your site be used to find a Conveyancing solicitor in Garstang even where I’m not buying or selling a house, for example if I wish to buy an office in Garstang with a loan from Bank of Scotland?
Our comparison service is predominantly there to find domestic conveyancing solicitors in Garstang but we have recorded at the end of this page some Garstang commercial conveyancing firms. You should make contact with the solicitors directly to establish if they can also act for Bank of Scotland
I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Garstang with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.
I have todaybeen informed that Stirling Law have been shut down. They conducted my conveyancing in Garstang for a purchase of a leasehold flat 12 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The easiest way to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Garstang conveyancing specialists.
I am purchasing a new build house in Garstang with a mortgage from Virgin Money. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not disclose to my conveyancer about the side-deal as it may jeopardize my loan with the bank. 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.
Our conveyancer in Garstang has discovered a a problem with the lease for the property we are buying in Garstang. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that as he is on the mortgage company conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?
Just because you have a mortgage offer from the bank does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Garstang conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the mortgage company are the client. These conveyancing instructions have to be complied with by the mortgage company conveyancing panel who has to balance acting for you and the mortgage company