My partner and I are acquiring a brand new apartment in Branston and my conveyancer is telling me that she has to the mortgage company to reveal incentives from the builder. The Estate Agents are hassling me to sign contracts and I would rather not prolong matters. 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 bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you explain why leasehold purchase conveyancing in Branston costs more?
Branston leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Will our conveyancer be making enquiries regarding flooding as part of the conveyancing in Branston.
The risk of flooding is if increasing concern for solicitors dealing with homes in Branston. Some people will acquire a property in Branston, completely aware that at some time, it may suffer from flooding. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Solicitors are not best placed to offer advice on flood risk, but there are a numerous searches that may be carried out by the buyer or on a buyer’s behalf which will figure out the risks in Branston. The conventional set of property information forms sent to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual question of the seller to determine if the property has suffered from flooding. In the event that the residence has been flooded in past which is not revealed by the seller, then a buyer could commence a legal claim for losses as a result of such an incorrect reply. A buyer’s lawyers should also conduct an enviro report. This will reveal whether there is a recorded flood risk. If so, further inquiries will need to be carried out.
I'm purchasing a new build house in Branston with a mortgage from Accord Mortgages Ltd. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The property agent suggested that I not inform my solicitor about this extras as it would put at risk my mortgage with Accord Mortgages Ltd. 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.
I have been on the look out for a leasehold apartment up to £235,500 and found one close by in Branston I like with amenity areas and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Branston for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
We have selected a Branston conveyancing solicitor for our home move (novice purchasers) and have spotted in the Ts and Cs that they are not covered by the FCA. Need I be worried or is that the norm with property lawyer?
We can't see why they should be. Most conveyancing practitioner don't lend money. You should check that they are regulated by the SRA, who set stringent obligations in place on monies sitting in their bank.