I am acquiring a brand new apartment in Newington and my lawyer is advising me that she has to the lender to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I would rather not prolong matters. 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 bank 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.
We note that you have a post code search directory identifying law firms on the TSB conveyancing panel. Do companies pay you a commission if I retain them for our conveyancing in Newington?
We are a listing service only for law firms wishing to communicate if they are on the TSB conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Newington.
I'm the only recipient of my late grandmother’s will and I have everything in my name alone, including the house in Newington. Conveyancing formalities meant that the Land Registry date was in March. I plan to dispose of the property. I do know about the CML 6 month 'rule', meaning my property ownership will be considered the same way as though I had purchased the property in March. Will no one buy the property for half a year?
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 may be caught by that. How sensible a view banks take of it, depend on the lender as this requirement primarily exists to identify subsales or the flipping of properties.
We are getting a further advance on our home loan from Bank of Ireland as we intend to conduct renovations to our home in Newington. Are we obliged to appoint a bricks and mortar Newington solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?
Bank of Ireland would not normally require a member of their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland list.
I can not fathom if my lender requires a lease extension. I have telephoned my Newington building society branch on a couple of occasions and was told it wasn't an issue and they will lend. My Newington conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
Provided that the property lawyer is on the lender panel, they must follow the Council of Mortgage Lenders’ Handbook specifications 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
I need some quick conveyancing in Newington as I am faced with a deadline to complete within one month. Thankfully I do not need a mortgage. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are not getting a home loan you are at free not to do searches although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Newington the following are examples of what can crop up and therefore impact market value: Enforcement Notices, Outstanding Fees, Overdue Grants, Road Schemes,...
Due to the advice of my in-laws I had a survey completed on a property in Newington prior to instructing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some banks tend refuse to issue a mortgage on this type of house.
It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. Should you wish to call us we can look into this further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Newington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newington to see if the conveyancing will be more expensive.
My partner and I about to complete on the purchase a house in Newington but as a result of wreckage from the recent storms I have negotiated recompense from the owner of £3k in the form of a deduction in the price. This was going to be addressed as part of the conveyancing process yet the mortgage company will not agree to this. Why were they involved?
The conveyancing practitioner listed on a mortgage company conveyancing panel is required to disclose to the lender of any variations to the sale price. If you were to refuse your lawyer to report the reduction to your lender then they would have to refrain from representing you and the lender.