My partner and I are buying a newly built flat in Penylan and my conveyancer is advising me that she is duty bound to the bank to disclose incentives from the builder. I am under pressure to exchange contracts and I don't want to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. 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.
I am helping my sister sell her property in Penylan. Will the solicitor arrange the energy performance certificate or it is for the seller to coordinate?
After the demise of Home Information Packs, energy assessments was maintained a mandatory component of selling a property. An energy assessment should be commissioned prior to the property being placed on the market. This is not as aspect of the sale process that conveyancers normally organise. If you are using a Penylan conveyancing lawyer they might be able to arrange energy assessments due to their contacts with reputable Penylan energy assessors
Are all Penylan Conveyancing Quality Solicitors on the TSB conveyancing panel?
It is true that some banks and building societies now make use of CQS as the kick off point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. Nevertheless,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their approved list of conveyancing solicitors.
Having read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Penylan solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Penylan surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I have todayfound out that Stirling Law have closed. They carried out my conveyancing in Penylan for a purchase of a leasehold apartment 9 months ago. How can I be sure that the property is not still registered in the name of the previous owner?
The easiest method to check if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Penylan conveyancing specialists.
I am purchasing my first flat in Penylan with a mortgage from National Westminster Bank. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not disclose to my solicitor about the side-deal as it may affect my loan with the bank. Is this normal?.
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.
Due to the guidance of my in-laws I had a survey completed on a property in Penylan before retaining solicitors. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks may refuse to issue a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Penylan. Conveyancing will be smoother if you use a solicitor in Penylan especially if they are accustomed to such properties in Penylan.
I'm converting the mortgage on my primary home to a buy to let loan with Alliance & Leicester and I will use the rest of the raised equity towards another property. The neighborhood we are interested in is Penylan. Will your solicitors be able to act for the two banks and tie in the conveyances?
Do use our comparison tool on this site to check that the conveyancers are approved by both lenders. On the basis that they are your solicitor will be able to tie up the two deals but you should have a chat with you lawyer and specify your desired outcome and needs.