My husband and I are acquiring a newly built apartment in Addiscombe and my conveyancer is advising me that she has to the mortgage company to reveal incentives from the developer. I am under pressure to sign contracts and I would rather not delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
Should lawyers request an advanced payment for my conveyancing in Addiscombe?
If you are buying a property in Addiscombe your solicitor will request that you to provide them with funds to cover the search fees. Ordinarily this is requested to cover the fees of the conveyancing searches. If any down payment is as part of the total price then this will be asked for shortly prior to exchange of contracts. The closing balance that is needed will be payable shortly before completion.
Should commercial conveyancing searches disclose impending roadworks that could affect a commercial property in Addiscombe?
Its becoming the norm that commercial conveyancing solicitors in Addiscombe will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Addiscombe. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Addiscombe.
For every commercial conveyancing transaction in Addiscombe it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Addiscombe commercial conveyancing deals as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Addiscombe.
I have todaydiscovered that Wolstenholmes have closed. They carried out my conveyancing in Addiscombe for a purchase of a leasehold apartment 12 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The quickest way to see if the property is in your name, 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 Addiscombe conveyancing specialists.
I'm purchasing a new build house in Addiscombe with a loan from Platform Home Loans Ltd. The builders would not move on the price so I negotiated £7000 of extras instead. The sale representative suggested that I not inform my conveyancer about this extras as it could adversely affect my loan with the bank. 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.
When it comes to my conveyancing in Addiscombe should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Addiscombe conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.