My husband and I are purchasing a new build duplex in Bollington and my conveyancer is advising me that she has to the lender to reveal incentives from the seller. The Estate Agents are hassling me to sign contracts and I don't want to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company 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.
What does my ID and proof of funds have anything to do with my conveyancing in Bollington? What am I being asked for?
Anti-terror and anti-money-laundering laws require solicitors and licensed conveyancers to verify the identity of the potential client they are dealing with before they can accept their conveyancing retainer. The Client Care letter that you need to sign will no doubt reaffirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you refuse to provide ID verification documents, your lawyer will not be able to take you on as a client.
If you had a top tip for choosing a conveyancing solicitor in Bollington what would it be?
It would be unwise to be swayed by the cheapest Bollington conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Have just purchased a repossessed house at auction in Bollington. Conveyancing is needed. What are my next steps?
Now that you have legally bound yourself to purchase you should choose a conveyancing lawyer quickly as you will have a pending a drop dead date to complete the property. Every auction property will have an associated legal set of papers. This will likely include most,if not all of the paperwork that your conveyancer requires. Where you are dealing with leasehold property the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to leasehold premises. You should pass this on to the conveyancer instructed by you ASAP. Do make sure that your finances are in place to complete the transaction on the set completion date.
I am expecting a OIP from Virgin Money this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Virgin Money recommend any Bollington solicitors on the Virgin Money conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Bollington solicitors independently although you'll need to choose one on the Virgin Money conveyancing panel. The solicitor represents both you and Virgin Money through the process.
I am buying a new build house in Bollington with a loan from Accord Mortgages Ltd. The sellers would not move on the amount so I negotiated £7000 of additionals instead. The house builders rep advised me not to tell my lawyer about the extras as it could impact my loan with Accord Mortgages Ltd. 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Bollington is the location of the property. Is there any guidance you can impart?
Flying freeholds in Bollington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bollington you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bollington may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Is it best to appoint a Bollington conveyancing solicitor who is local to the property I am buying? We have a good friend who can execute the conveyancing but her office is 200miles drive away.
The benefit of a high street Bollington conveyancing practice is that you can pop in to execute paperwork, deliver your identification documents and apply pressure on them if necessary. Having local Bollington know how is a benefit. However 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 the majority were impressed that must outweigh using an unknown Bollington conveyancing solicitor just because they are Bollington based.