My wife and I are acquiring a newly constructed apartment in Wednesbury and my solicitor is advising me that she has to the lender to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I would rather not prolong matters. 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 mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When reviewing online forums for a recommended solicitor in Wednesbury, many comment that I must look for a CQS accredited lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in buying or selling property, trusted by some of the UK's biggest lenders. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Wednesbury is one of the many areas in England and Wales where there are CQS lawyers.
I'm buying a new build house in Wednesbury with a mortgage from The Mortgage Works. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my conveyancer about this extras as it will put at risk my loan with The Mortgage Works. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Wednesbury I like with a park and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Wednesbury for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
My company is wishing to lease a unit on a shopping parade. Can you recommend solicitors offering competitive charges for commercial conveyancing in Wednesbury for less than £2000?
We can recommend firms who have specialist knowledge of commercial conveyancing in Wednesbury, including the sale and purchase of businesses as well as simply property. Whether you are hoping to acquire or dispose of a shop, pub, restaurant, office, retail premises or a whole business we will find you the right solicitor. Regarding the fees this will depend on the structure and terms of the deal. Please provide us with your details or email so as to enable us to provide you with a detailed commercial conveyancing quote.
I need to appoint a conveyancing solicitor for remortgage conveyancing in Wednesbury. I've land on a site which appears to be the ideal offering If there is a chance to get all this stuff done via email that would be preferable. Should I be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?