My wife and I are buying a newly built duplex in Newcastle under Lyme and my conveyancer is telling me that she is duty bound to the lender to disclose incentives from the seller. The Estate Agents are hassling me to exchange and I don't want to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. 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.
Do the Building Society Association intend to launch a search tool with a view to to identify practices on the Norwich and Peterborough Building Society conveyancing panel for instance in Newcastle under Lyme?
We have not been informed any intention on the part of the BSA to promote such a tool.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Newcastle under Lyme?
Two types of professional can perform conveyancing in Newcastle under Lyme namely CLC regulated conveyancers or solicitors. The two can provide the legal services that you need to complete the sale or purchase of property. Both are duty bound to handle Newcastle under Lyme conveyancing on similar quality and guidelines so you may be safe in the knowledge that your conveyancing will be properly conducted and that the necessary procedures should be correctly taken.
I am due to exchange contracts on my flat. I had a double glazing fitted in January 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, TSB are being problematic. The Newcastle under Lyme solicitor who is on the TSB conveyancing panel is saying indemnity insurance will be fine but TSB are insisting on a building regulation certificate. Why do TSB have a conveyancing panel if they don't accept advice from them?
It is probably the case that TSB have referred the matter to their valuer. The reason why TSB may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Yorkshire BS have agreed my home loan in principle, my offer on a apartment in Newcastle under Lyme has been agreed to, what happens next?
Your property agent will need to know who your solicitors are (ensure that the property lawyers are on the bank’s approved list). Call up Yorkshire BS or the financial adviser and complete any relevant documentation. Yorkshire BS will appoint a valuer who will get in contact with the selling agent or seller to arrange a slot for the valuation to occur. Once conducted (assuming no problems) it takes about a fortnight to get a mortgage offer. Yorkshire BS will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Newcastle under Lyme.
I am buying a new build house in Newcastle under Lyme with a loan from Platform Home Loans Ltd. The builders refused to budge the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about the extras as it will jeopardize 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.
I am thinking of appointing a conveyancing solicitor in Newcastle under Lyme for my sale. Is there any facility to check a firm’s complaints history with the legal regulator?
Members of the public can review presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find records Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA could monitor call for training requirements.
What advice can you give us when it comes to appointing a Newcastle under Lyme conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Newcastle under Lyme conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Newcastle under Lyme conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions could be of use:
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If the firm is not ALEP accredited then why not? What volume of lease extensions have they carried out in Newcastle under Lyme in the last year?
I acquired a ground floor flat in Newcastle under Lyme, conveyancing formalities finalised March 1995. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Newcastle under Lyme with an extended lease are worth £260,000. The ground rent is £45 yearly. The lease ends on 21st October 2099
With 74 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.