I am purchasing a newly constructed flat in Canford Cliffs and my conveyancer is informing me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. 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.
We see that you have a post code search directory identifying law firms on the RBS conveyancing panel. Do companies pay you a referral fee if I instruct them for our conveyancing in Canford Cliffs?
We are a listing service only for law firms wishing to communicate if they are on the RBS conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Canford Cliffs.
I am buying a right to buy a flat in Canford Cliffs. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Canford Cliffs 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 Canford Cliffs.
I am purchasing a new build house in Canford Cliffs with a mortgage from Nottingham Building Society. The developers would not budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my solicitor about the side-deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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 decided to have a survey carried out on a house in Canford Cliffs before appointing lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some lenders may not issue a loan on this type of home.
It varies from the lender to lender. Lloyds has different instructions from Birmingham Midshires. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Canford Cliffs. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Canford Cliffs to see if the conveyancing will be more expensive.
My wife and I purchased a leasehold house in Canford Cliffs. Conveyancing and The Royal Bank of Scotland mortgage organised. A letter has just been received from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1993. The conveyancing practitioner in Canford Cliffs who acted for me is not around. What should I do?
The first thing you should do is contact the Land Registry to be sure that the individual claiming to own the freehold is in fact the new freeholder. You do not need to instruct a Canford Cliffs conveyancing firm to do this as it can be done on-line for £3. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Leasehold Conveyancing in Canford Cliffs - Sample of Questions you should consider before Purchasing
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How much is the ground rent and service charge? How is the lease structured? Make sure you discover if there are any onerous prohibitions in the lease. By way of example some leases prohibit pets being permitted in certain buildings in Canford Cliffs. If you like the flatin Canford Cliffs however your dog is not allowed to move with you then you will be faced difficult choice.