My wife and I are buying a newly constructed duplex in Goffs Oak and my conveyancer is advising me that she has to the lender to reveal incentives from the developer. I am on a tight deadline to exchange and I have no desire to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Finally the sale completed on my house in Goffs Oak last March but our buyer keeps calling daily complaining that their solicitor is waiting to hear from myconveyancer. What are the post completion sale formalities now that I have sold?
After completion of your sale your solicitor should deliver the transfer deeds and all supplemental paperwork to the purchaser's conveyancer. If applicable, your lawyer must also confirm that the mortgage has been repaid to the purchasers solicitors. There is unlikely to be post completion formalities specific conveyancing in Goffs Oak.
Forgive me if this question is silly but I am new to the process as FTB of a ground floor flat in Goffs Oak. Do I collect the keys to the property on the completion date from my conveyancer? If this is the case, I will appoint a local conveyancing solicitor in Goffs Oak?
There is no need to visit the lawyers office on the day of completion. Your solicitors will electronically transfer the purchase money to the owner’s conveyancers, and once they have received this, you will be able to collect the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
I was told two weeks ago that my mortgage has been agreed to by Leeds Building Society. Is it usual for Leeds Building Society to only issue the offer once my solicitor in Goffs Oak is approved on their conveyancing panel? Leeds Building Society have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.
Having digested plenty of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Goffs Oak solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Goffs Oak postcode. As you are getting a mortgage with Bank of Ireland, you could contact them to see if they have a list of approved surveyors in Goffs Oak.
Will our conveyancer be raising enquiries about flooding during the conveyancing in Goffs Oak.
Flooding is a growing risk for solicitors specialising in conveyancing in Goffs Oak. There are those who acquire a property in Goffs Oak, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to offer advice on flood risk, however there are a numerous checks that may be undertaken by the purchaser or on a buyer’s behalf which will give them a better appreciation of the risks in Goffs Oak. The standard property information forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out whether the property has ever been flooded. In the event that the property has been flooded in past which is not disclosed by the vendor, then a purchaser may bring a compensation claim resulting from an misleading response. A purchaser’s conveyancers should also carry out an environmental report. This will indicate whether there is any known flood risk. If so, further investigations will need to be initiated.
I'm buying a new build house in Goffs Oak with the aid of help to buy. The sellers would not move on the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my lawyer about the deal as it would put at risk my loan with Birmingham Midshires. 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.
Is there anything unique about your site and other internet conveyancing solicitors for conveyancing in Goffs Oak?
At this site secure a fixed fee costs illustration via a Solicitor or Licensed Conveyancer that appreciates the nuances of your conveyancing in Goffs Oak. Unlike many estate agents and brokerage sites we do not charge firms a commission if you instruct them for your home move in Goffs Oak