My wife and I are purchasing a new build duplex in Little Oakley and my lawyer is telling me that she is duty bound to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. 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.
I am purchasing a house and need a conveyancing solicitor in Little Oakley who is on the Coventry Building Society approved. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Little Oakley. We dont recommend any particular firm.
When it comes to mortgage companies such as UBS, do Little Oakley conveyancing practitioners face an annual charge to be on the conveyancing panel?
We are not aware of any lender fees to register on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
is it true that all Little Oakley solicitor practices on the Santander conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Santander approved list of solicitors they would need to be regulated by the SRA. Some banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Little Oakley property lawyer on the Santander panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
What can a local search inform me about the property my wife and I purchasing in Little Oakley?
Little Oakley conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search is essential in every Little Oakley conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I am purchasing my first flat in Little Oakley with a mortgage from The Mortgage Works. The developers would not reduce the price so I negotiated 6k of extras instead. The property agent told me not reveal to my solicitor about the deal as it would affect my loan with The Mortgage Works. 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.
What advice can you give us when it comes to appointing a Little Oakley conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Little Oakley conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you talk with two or three firms including non Little Oakley conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be helpful:
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What volume of lease extensions have they conducted in Little Oakley in the last twenty four months? If the firm is not ALEP accredited then why not?
I inherited a 2 bed flat in Little Oakley, conveyancing having been completed in 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Little Oakley with over 90 years remaining are worth £170,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease terminates on 21st October 2102
With 78 years remaining on your lease we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.