We are purchasing a newly built duplex in Edge Hill and my conveyancer is telling me that she has to the lender to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I don't want to delay matters. 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 bank 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.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel solicitor as I would prefer to appoint a specialised conveyancing solicitor in Edge Hill?
Do check but the the likelihood is that appoint one of their panel lawyers should you want the "fee-free" offer. Call the bank and check if they make available a monetary alternative. In the past a few lenders offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Edge Hill.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Edge Hill. Do I pick up the keys to the property on completion from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Edge Hill?
On the day of completion you do not need to attend the conveyancers office in Edge Hill. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and once they have received this, you should be invited to receive the keys from the property Agents and move into your new home. Usually this happens early afternoon.
I am purchasing a property in Edge Hill. An unusual aspect is that the roof has a solar panel. Leeds Building Society have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that your lender is Leeds Building Society your lawyer must comply with the formal instructions set out in Part 2 of UK Finance Lenders’ Handbook for Leeds Building Society. The CML Handbook contains minimum specifications for solar panel roof-space leases, and lawyers are required to report to Leeds Building Society where a lease fails to comply with these requirements. The provisions relate to the installation of panels on properties nationwide and is not isolated to Edge Hill.
I have today made my last payment due on my mortgage with RBS. I assume I don't need a Edge Hill solicitor on the RBS panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your RBS mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the RBS mortgage from the register. RBS, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where RBS has sent the Land Registry the discharge electronically, and
- RBS has instructed the Land Registry to do so
I am buying a new build house in Edge Hill with a loan from Chelsea Building Society. The builders refused to move on the price so I negotiated 6k of extras instead. The sale representative suggested that I not inform my lawyer about this deal as it would affect my mortgage with the lender. 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 a negotiator for a busy estate agent office in Edge Hill where we see a few leasehold sales put at risk due to short leases. I have received inconsistent advice from local Edge Hill conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Edge Hill Leasehold Conveyancing - A selection of Queries Prior to Purchasing
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It is important to be aware whether redecorating or some other significant cost is coming up that will be shared between the leasehold owners and will materially increase the the maintenance fees or require a specific invoice. Many Edge Hill leasehold properties will incur a service charge for maintenance of the block levied on behalf of the management company. Should you acquire the flat you will have to pay this liability, normally in instalments accross the year. This could be anything from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met yearly, this is usually not a exorbitant figure, say around £50-£100 but you should to check it because sometimes it can be many hundreds of pounds. It would be wise to discover as much as you can about the managing agents as they can either make life much simpler or uncomfortable. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the upkeep of the common parts. Don't be afraid to ask prospective neighbours what they think of their management. Finally, find out the dates that the service fees are due to the relevant party and specifically how they are spending that money.
How much experience do your Edge Hill conveyancing solicitors have with Help To Buy, Shared Equity and similar schemes?
Edge Hill conveyancing lawyers help thousands of buyers move home every year and assisted lots of clients through the Help To Buy scheme. The chances are that whatever makes your case unique Edge Hill conveyancers have worked on recent similar cases.