I am purchasing a newly constructed flat in New Barnet and my lawyer is telling me that she has to the lender to disclose incentives from the seller. The Estate Agents are hassling me to sign contracts and my preference is not to delay matters. 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 bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various web forums that I have visited warn that are a common reason for stalling in New Barnet house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in New Barnet.
I am buying a new build house in New Barnet with a loan from National Westminster Bank. The builders refused to move on the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not to tell my conveyancer about the side-deal as it could put at risk my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. New Barnet is where the house is located. Can you shed any light on this issue?
Flying freeholds in New Barnet are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside New Barnet you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in New Barnet 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.
I am downsizing from my property. My former conveyancers closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in New Barnet if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in New Barnet. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs smoothly.
We are considering appointing a web based conveyancing practitioner as opposed to a New Barnet conveyancing firm. Any advice?
There are advantages of being able to pop in to a local New Barnet conveyancing solicitor such as
- signing documents same day
- having one on one explanations of things that need explaining
- the ability to complain if things are not going as expected
When checking fees, look carefully for hidden extras. The majority decent New Barnet high street solicitors give an all-inclusive price. Often online agents appear to offer low cost fees, yet have hidden 'extras' in the fine print.