Our son is about to exchange on a new build apartment in Cambridge with a mortgage from Leeds Building Society. His solicitor has said that there is a delay in completing the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Leeds Building Society conveyancing panel as a standard part of the process, and to the surveyor when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Leeds Building Society conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front when it comes to conveyancing in Cambridge?
Where you are retaining lawyers for conveyancing in Cambridge your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is as part of the sale price then this should be needed immediately before contracts are exchanged. Any further balance that is due should be transferred a few days ahead of the completion date.
I am purchasing a garden flat in Cambridge. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Cambridge you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Cambridge.
I'm purchasing a new build house in Cambridge benefiting from help to buy. The developers refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not inform my lawyer about the deal as it would impact my mortgage with the bank. Should I keep quiet?.
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 am thinking of appointing a conveyancing practitioner in Cambridge for my home move. Is there any facility to review a solicitor's record with the profession’s regulator?
You may find documented Solicitor Regulator Association (SRA) decisions arising from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find records Pre 2008, or to check a solicitors record, ring 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 SRA sometimes monitor call for training requirements.
My partner and I may need to rent out our Cambridge basement flat temporarily due to a career opportunity. We used a Cambridge conveyancing practice in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
A small minority of properties in Cambridge do contain a provision to say that subletting is only allowed with permission. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience suggests that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting permission.
Cambridge Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
The answer will be useful as a) areas may cause problems for the block as the communal areas may start to deteriorate if repairs remain unpaid b) if the leaseholders have an issue with the managing agents you will need to have complete disclosure Generally speaking the cost for major works tend not to be included within maintenance charges, albeit that there some managing agents in Cambridge obliged leaseholders to contribute towards a sinking fund and this is used to offset against larger repairs or maintenance. Who manages the building?