My partner and I are purchasing a brand new apartment in Pembroke and my solicitor is informing me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to exchange and my preference is not to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We are planning to buy with Norwich and Peterborough Building Society. I dropped in a few high street firms yet cant to find a Pembroke conveyancing firm on the Norwich and Peterborough Building Society panel. Please you assist?
Feel free to make use of the search tool on this page. Pick the lender and type Pembroke or your location and you will be presented with numerous solicitors located in Pembroke or nearest you.
I am buying a new build house in Pembroke with a loan from Bank of Scotland. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my solicitor about the deal as it would adversely affect my loan with Bank of Scotland. 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've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Pembroke is the location of the property. Is there any guidance you can impart?
Flying freeholds in Pembroke are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Pembroke you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Pembroke may ascertain 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.
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I am in the process of purchasing my first home in Pembroke. Conveyancing solicitor already selected. The mortgage adviser suggested that a survey is not appropriate as the property is only fifteen years old.
The bare minimum you need a Home Buyer's Report. As the residence was constructed more than a decade ago the property will not come with a warranty, so you don't want to take a risk. Where a property of this age shows no signs of problems a Home Buyer's report could be sufficient. The report should highlight any apparent issues and recommend additional investigation where appropriate. If there are any signs of material issues obtain a full structural survey.