I am acquiring a newly constructed duplex in North Cornelly and my solicitor is advising me that she has to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and my preference is not to delay matters. 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 lender 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.
Have just purchased a probate house at auction in North Cornelly. Conveyancing is necessary. What happens now?
Now that you are exchanged you must appoint a conveyancing practitioner soon as you are facing a pending deadline in which to complete the conveyancing. Every auction property will have a bespoke auction set of papers. This will likely include most,if not all of the documents that your lawyer requires. In the case of leasehold premises the legal papers may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation pertinent to leasehold premises. You need to pass this on to the lawyer instructed by you ASAP. You also need to ensure that your finances are in place to complete on the on the contractual date .
The mortgage over my property is with TSB for my property in North Cornelly. Conveyancing has been completed a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform TSB?
Your original mortgage agreement with TSB will provide that you need their approval before letting out your property as this is likely to be a breach of TSB’s mortgage conditions. It may be that TSB will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact TSB directly. It should not be necessary to do this via a TSB conveyancing panel solicitor.
It is not clear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my North Cornelly building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My North Cornelly conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their published requirements. I simply don't know who is right.
Provided that the solicitor is on the lender approved list, they must follow the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I have been told that property searches are the main reason for obstruction in North Cornelly conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in North Cornelly.
Me and my brother purchased a renovated Edwardian property in North Cornelly. Conveyancing solicitor represented me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Cornelly and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing solicitor who conducted the conveyancing.
I am buying a new build house in North Cornelly with the aid of help to buy. The sellers would not reduce the price so I negotiated £7000 of extras instead. The estate agent advised me not to tell my solicitor about this extras as it would adversely affect my loan with Leeds Building Society. 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.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in North Cornelly I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in North Cornelly suitable, so just wondered if I would be making a grave error buying a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.