My partner and I are buying a newly constructed duplex in Fairwater and my lawyer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and I would rather not prolong matters. is my lawyer playing by the book?
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 conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
When it comes to lenders such as Virgin Money, do Fairwater lawyers have to pay a fee to be on the conveyancing panel?
We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel submission.
Is it the case that all Fairwater solicitor practices on the Lloyds conveyancing panel are overseen by the SRA?
As solicitors, in order to be on the Lloyds approved list of solicitors they would need to be overseen by the SRA. Many lenders do allow licenced conveyancers on their panel in which case such firms would be governed by the Council of Licensed Conveyancers.
We previously chose conveyancing lawyers locally in Fairwater on the Aldermore solicitor panel. They are now charging me a separate sum for dealing with the Aldermore mortgage. Is this a supplemental conveyancing fee specified by Aldermore?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your conveyancer can charge a fee for this. The charge is not dictated by Aldermore but by your Fairwater lawyer. Plenty of firms on the Aldermore panel will levy ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I require expedited conveyancing in Fairwater as I am under pressure to sign on the dotted line in less than 2 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save fees and time?
If.Given you are are a cash buyer you have the choice not to have searches carried out although no lawyer would advise that you don't. With plenty of history conveyancing in Fairwater the following are instances of what can appear and therefore affect market value: Refused Planning Applications, Outstanding Fees, Outstanding Grants, Railway Schemes,...
I am buying a new build house in Fairwater with the aid of help to buy. The developers would not reduce the amount so I negotiated £7000 of extras instead. The property agent suggested that I not reveal to my lawyer about this deal as it will put at risk my mortgage with the lender. Is this normal?.
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 pointed in your direction by a couple of local estate agents in Fairwater to select a solicitor on your site. Is there a financial inducement for Estate Agents to market your lawyers ahead of a competitor’s?
We don’t make any commission for sending work our way. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
We're first time buyers - had an offer accepted, yet the estate agent advised that the owners will only go ahead if we instruct the agent's chosen conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a family solicitor who is accustomed to conveyancing in Fairwater
We suspect that the seller is unaware of this request. Should the seller desire ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Speak to the owners direct and make sure they understand (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your own,trusted Fairwater conveyancing solicitors - not the ones that will earn their estate agent a referral fee or meet his conveyancing thresholds pre-set by head office.