We are purchasing a brand new flat in Flackwell Heath and my conveyancer is telling me that she has to the mortgage company to reveal incentives from the builder. I am on a tight deadline to exchange and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a bank 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.
What does my ID and proof of funds have anything to do with my conveyancing in Flackwell Heath? What am I being asked for?
Flackwell Heath conveyancing solicitors as well as nationwide property practitioners throughout the UK have a duty under money laundering regulations to check the ID of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of ID (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill no more than three months).
Proof of the origin of funds is also necessary under the money laundering statutes as lawyers are obliged to check that the funds you are utilising to purchase a property (be it the exchange deposit or the full purchase monies where you are buying without a mortgage) has come from an acceptable source (such as an inheritance) and is not the proceeds of criminal activity.
I purchased my flat on 16 June and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in Flackwell Heath expressed confidence that it should be dealt with in less than a month. Are titles in Flackwell Heath uniquely lengthy to register?
There is nothing unique about conveyancing in Flackwell Heath registration formalities. As opposed to being determined by geographic area, timescales can vary according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any other persons or bodies. Currently approximately three quarters of submission are fully addressed within two weeks but some can be subject to protracted delays. Historically registration takes place after the new owner has moved in to the property thus registration formalities is not usually an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers should contact the land registry and explain the circumstances.
I'm purchasing my first flat in Flackwell Heath with the aid of help to buy. The builders would not budge the price so I negotiated five thousand pounds worth of extras instead. The estate agent suggested that I not disclose to my conveyancer about this side-deal as it may adversely affect my loan with Barclays . Should I keep quiet?.
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 issue on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Flackwell Heath is the location of the property. What do you suggest?
Flying freeholds in Flackwell Heath are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Flackwell Heath you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Flackwell Heath may ascertain 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.
In sourcing the internet for the phrase conveyancing in Flackwell Heath it shows results of many property lawyersin the vicinity. How do I determine which is the right conveyancer for me?
The best way of seeking a suitable conveyancer is through a personal referral, so ask friends and relatives who have purchased a property in Flackwell Heath or the reputable estate agent or financial adviser. Costs for conveyancing in Flackwell Heath differ, so it's sensible to obtain a minimum of three estimates from different companies. Dont forget to clarify that the fees are fixed.