My husband and I are buying a newly constructed duplex in Allenton and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the seller. The Estate Agents are hassling me to exchange contracts and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender 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.
Why is leasehold purchase conveyancing in Allenton is more expensive?
Allenton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I'm the only recipient of my late grandmother’s will and I have everything in my name alone, including the house in Allenton. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the house. I do know about the CML six month 'rule', meaning my proprietorship will be considered the same way as if I'd bought the house in June. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. Some lenders would take a practical view as this requirement is primarily there to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.
We had appointed conveyancers based in Allenton on the Skipton solicitor panel. They have just invoiced me a separate fee for dealing with the Skipton mortgage. Is this an additional conveyancing fee specified by Skipton?
Provided it is contained in their Terms of Engagement or Quote then yes your solicitor can charge a fee for this. This charge is not set by Skipton but by your Allenton lawyer. Numerous firms on the Skipton panel will levy ’dealing with mortgage’ fee but some practices incorporate it on their overall fee.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Allenton lawyer on the Lloyds panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Lloyds mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Lloyds mortgage from the register. Lloyds, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
Are there restrictive covenants that are commonly picked up during conveyancing in Allenton?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Allenton. 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 my first flat in Allenton benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of additionals instead. The house builders rep told me not to tell my lawyer about the side-deal as it may jeopardize my mortgage with the lender. 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.
Am I best advised to choose a Allenton conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can execute the legal formalities however her office is 400miles drive away.
The primary upside of using a local Allenton conveyancing firm is that you can pop in to sign documents, present your ID and pester them where appropriate. Having local Allenton know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were happy that must surpass using an unfamiliar Allenton conveyancing solicitor just because they are Allenton based.