My husband and I are acquiring a newly built flat in Hackney and my lawyer is informing me that she has to the lender to disclose incentives from the builder. I am on a tight deadline to exchange and I don't want to delay deal. 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 bank 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.
As someone not used to the Hackney conveyancing process what’s the number one tip you can impart concerning the ownership transfer in Hackney
Not many law firms or advisers will tell you this but conveyancing in Hackney and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists plenty of room for conflict between you and others involved in the ownership transfer. E.g., the vendor, selling agent and on occasion a bank. Selecting a lawyer for your conveyancing in Hackney should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the process whose interest is to protect your best interests and to protect you.
Every so often a potential adversary will attempt to persuade you that it is in your interests to do things their way. For example, the property agent may claim to be assisting by claiming that your solicitor is slow. Or your mortgage broker may tell you to do take action that is contrary to your conveyancers recommendation. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
five months have gone by following my purchase conveyancing in Hackney concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm purchasing a new build house in Hackney with the aid of help to buy. The developers refused to move on the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not disclose to my conveyancer about this side-deal as it may impact my mortgage 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 two weeks back in what should have been a simple, no chain conveyancing. Hackney is the location of the property. Is there any guidance you can give?
Flying freeholds in Hackney are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hackney you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hackney 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.
I am using a search engine for the phrase conveyancing in Hackney it shows results of numerous property lawyersin the vicinity. With so much choice what is the best way to find the right property lawyer for me?
The preferential method of choosing the right conveyancer is via personal referral, so ask colleagues and those you trust who have purchased a property in Hackney or the respected estate agent or financial adviser. Costs for conveyancing in Hackney differ, so it's sensible to obtain a minimum of three quotes from different law firms. Be sure to seek confirmation that the charges are assured not to increase.