My husband and I are purchasing a newly constructed apartment in Bishops Lydeard and my lawyer is informing me that she is duty bound to the lender to reveal incentives from the seller. I am under pressure to sign contracts and I would rather not delay the conveyancing. 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 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 do I have to pay up front for my conveyancing in Bishops Lydeard?
If you are buying a property in Bishops Lydeard your solicitor will ask you put them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this will be asked for immediately prior to exchange of contracts. Any further balance that is needed will be payable shortly before completion.
My wife and I own a 4 bedroom Edwardian house in Bishops Lydeard. Conveyancing solicitor represented me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bishops Lydeard 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 purchasers. You can also question the position with your conveyancing solicitor who conducted the conveyancing.
I am purchasing my first flat in Bishops Lydeard benefiting from help to buy. The builders refused to budge the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not reveal to my conveyancer about the side-deal as it could adversely affect my mortgage with the bank. 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.
I am looking for a conveyancing practitioner in Bishops Lydeard for my sale. Is it possible to see a solicitor's complaints history with the legal regulator?
Members of the public can review documented Solicitor Regulator Association (SRA) determinations stemming from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find information about the period before 1 January 2008, or to check a solicitors history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, use +44 (0)121 329 6800. The regulator may recorded call for training reasons.
How much should conveyancing in Bishops Lydeard cost?
The total sum charged for Bishops Lydeard conveyancing charges are likely to be calculated at:
- a set amount; or
- an hourly rate (i.e. the time spent on the particular case).
In reality you seldom hear of Bishops Lydeard conveyancing companies charge on an hourly basis