My partner and I are buying a new build flat in Forestdale and my solicitor is telling me that she is duty bound to the lender to reveal incentives from the seller. I am on a tight deadline to sign contracts and I have no desire to delay the conveyancing. 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 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.
five months have elapsed since my purchase conveyancing in Forestdale took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Forestdale with a mortgage from Virgin Money. The developers refused to budge the price so I negotiated £7000 of extras instead. The estate agent suggested that I not inform my lawyer about this side-deal as it will impact my mortgage with the bank. 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.
Due to the advice of my in-laws I had a survey completed on a house in Forestdale before appointing conveyancers. I have been advised that there is a flying freehold aspect to the house. My surveyor advised that some banks may not grant a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Forestdale. Conveyancing may be slightly more expensive based on your lender's requirements.
Hoping to buy a property located in Forestdale and I am already nervous. I couldn't find anything specific about Forestdale. Conveyancing will be needed in due course but do you know about the Forestdale area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Forestdale. In the meantime here are some basic statistics that we found
I need to appoint a conveyancing solicitor for purchase conveyancing in Forestdale. I have discover a web site which appears to be the perfect answer If it is possible to get all the legals completed via email that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?