My husband and I are acquiring a newly constructed flat in Presteigne and my solicitor is advising me that she is duty bound to the lender to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company 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.
Having sold my house in Presteigne last August but our buyer keeps e-mailing every few hours to moan that their lawyer is waiting to hear from mine. What are the post completion sale legalities following completion?
After completion of your sale your conveyancer is committed to deliver the transfer deeds and all additional paperwork to the purchaser's solicitors. Depending on the transaction, your solicitor must also evidence that the legal charge in favour of the lender has been paid off to the buyers solicitors. There is unlikely to be post completion formalities specific conveyancing in Presteigne.
I am planning to move house in December. Should my conveyancing solicitor communicate with the removal company on the completion day. Incidentally, can you put forward a removal company in Presteigne. Conveyancing solicitor was found prior to coming across this site.
On the afternoon of completion you can pick up the keys from the property agent however this can only happen when the sellers conveyancers confirm to the agent that they acknowledge receipt of the completion payment and the keys can be collected. You will need to advise the removal men that they can start moving you in. We do not recommend a particular removal company but can assist you in choosing a conveyancing in Presteigne or a firm that specialises in conveyancing in Presteigne.
I'm the only beneficiary of my late father’s will and I have everything in my name now, including the house in Presteigne. The Presteigne property was put into my name in September. I plan to dispose of the house. I do know about the Mortgage Lenders 6 month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in September. Is the property unsalable for six months?
The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Most banks would take a sensible view as this obligation is primarily there to pick up on subsales or the wholesaling and assigning of properties.
I'm in the throws of viewing houses in Presteigne and I am about to put in an offer. Is it wise to have my lawyer on ‘stand by’? I will be getting a home loan with UBS.
It would be prudent to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the estate agent. Given that you are obtaining a mortgage with UBS, ask your prospective lawyers if they are on the UBS conveyancing panel otherwise they can't do the mortgage legal work.
Are there restrictive covenants that are commonly identified during conveyancing in Presteigne?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Presteigne. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing a new build house in Presteigne benefiting from help to buy. The builders would not move on the price so I negotiated £7000 of extras instead. The house builders rep told me not disclose to my conveyancer about this extras as it will jeopardize my mortgage with Platform Home Loans Ltd. 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've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Presteigne is where the house is located. What do you suggest?
Flying freeholds in Presteigne are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Presteigne you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Presteigne 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 property.