My husband and I are acquiring a newly constructed apartment in Mersea Island and my solicitor is telling me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to prolong the conveyancing. 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 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.
Having sold my house in Mersea Island last August yet the purchaser is calling every few hours complaining that her solicitor is waiting to hear from myconveyancer. What should have happened following completion?
Following your sale your solicitor is committed to forward the transfer deeds and all of the paperwork to the buyer’s lawyers. If applicable, your conveyancer must also send confirmation that the legal charge in favour of the lender has been redeemed to the buyers solicitors. There are no post completion procedures just for conveyancing in Mersea Island.
Do commercial conveyancing searches disclose proposed roadworks that could impact a commercial estate in Mersea Island?
Its becoming the norm that commercial conveyancing solicitors in Mersea Island will carry out a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in sourcing accurate data on highways that impact buildings and development assets in Mersea Island. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Mersea Island.
For every commercial conveyancing transaction in Mersea Island it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Mersea Island commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not carried out for residential conveyancing in Mersea Island.
three months have elapsed following my purchase conveyancing in Mersea Island concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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 am buying a new build house in Mersea Island with a mortgage from TSB. The builders would not move on the price so I negotiated £7000 of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about this deal as it may impact my loan with TSB. 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 put an offer in two weeks back in what was supposed to be a quick, chain free conveyancing. Mersea Island is where the house is located. Can you offer any advice?
Flying freeholds in Mersea Island are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Mersea Island you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mersea Island may determine 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 premises.