My husband and I are buying a brand new flat in Clapton and my lawyer is advising me that she is duty bound to the bank to disclose incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a mortgage company 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.
Are the BSA intent on creating a online directory to to identify practices on the Melton Mowbray Building Society conveyancing panel for instance in Clapton?
We are not aware of any plans on the part of the BSA to develop such a tool.
I have been told that property searches are a common cause of obstruction in Clapton conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Clapton.
I'm purchasing my first flat in Clapton with a loan from Yorkshire Building Society. The developers would not move on the price so I negotiated 6k of extras instead. The property agent suggested that I not reveal to my lawyer about the deal as it may affect my loan with Yorkshire Building Society. 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 property I put an offer in two weeks back in what should have been a quick, no chain conveyancing. Clapton is the location of the property. What do you suggest?
Flying freeholds in Clapton are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clapton you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clapton may determine 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.
We are in the process of buying a house in Clapton. Can the solicitor keep the amount we are are buying for private from the likes of Nestoria. Is this achievable and how?
HM Land Registry by statute are required to reveal price sold information on the official title for residential properties countrywide which includes homes in Clapton. The Title Register is an open document, so HM Land Registry would be breaching their statutory duty excluded specific properties such as the one in Clapton.
In essence you can make a request of the Land Registry to withhold the amount paid entry however the answer will be in the negative.