I am purchasing a newly built apartment in Waterloo and my solicitor is advising me that she has to the lender to reveal incentives from the builder. I am on a tight deadline to exchange and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. 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.
How do I find out if the solicitor carrying out my conveyancing in Waterloo is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for TSB thus paying £175.00 in additional conveyancing charges.
Please do make use of the find a conveyancing panel solicitor tool on this site. Pick the lender and type ‘Waterloo’ or your location and you will be presented with a number of lawyer offices in Waterloo or by proximity to you.
My wife and I own a terraced Edwardian house in Waterloo. Conveyancing lawyer represented me and Birmingham Midshires. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You should read 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Waterloo and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
I am purchasing my first flat in Waterloo with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of additionals instead. The estate agent told me not to tell my solicitor about this deal as it could put at risk my mortgage with Barclays . 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.
We are one month into a residential purchase having been directed to a firm by the local agent to do our conveyancing in Waterloo. I am not happy. Could you help me find new lawyers?
They would need to be really poor to suggest changing them. Has the loan offer been sent? In the event that it has you will need to inform them of the new solicitor and get the mortgage documents are re-sent. Your solicitor ideally should be on the lenders approved list to avoid added costs and frustration. So that should be your first question of the new conveyancers. Our search tool will assist you in finding a bank approved solicitor for your home move in Waterloo
My brother-in-law has suggested I instruct a conveyancing solicitor in Waterloo. I I would like to check if they are on the lender's approved list of lawyers. Could you help?
It’s a good idea phone the conveyancer to enquire if they are on the bank's panel. If that does not help get in touch with us and we can make some checks for you. Should the firm not be on the lender panel we we can help find a quality conveyancing solicitor in Waterloo on the approved list for your lender.