My partner and I are buying a new build apartment in Kingsbridge and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and I don't want to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank 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.
I am buying a garden flat in Kingsbridge. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Kingsbridge you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Kingsbridge.
Is it the case that all Kingsbridge CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved solicitors?
Some major lenders now use the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. CQS accreditation however is no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
We are getting the release of further monies on our home loan from Co-operative as we intend to carry out improvements to our home in Kingsbridge. Do we need to appoint a bricks and mortar Kingsbridge solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative would not normally appoint firms on their approved list of lawyers to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative list.
Co-operative have agreed my home loan in principle, my bid on a house in Kingsbridge has been accepted, now what?
Your estate agent will want to know who your solicitors are (ensure that the lawyers are on the bank’s panel). Contact Co-operative or your broker and complete any appropriate paperwork. Co-operative will sellect a valuer who will get in touch with the selling agent or seller to arrange an appointment. Once conducted (assuming no problems) it takes on average a week for the mortgage offer to be issued. Co-operative will issue the offer to you and your conveyancing practitioners. The legal work will then take it’s course according the nature and complexity of the conveyancing in Kingsbridge.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Kingsbridge?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Kingsbridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in Kingsbridge with a loan from Skipton Building Society. The builders refused to reduce the amount so I negotiated £7000 of additionals instead. The estate agent told me not disclose to my conveyancer about this extras as it will impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
Hoping to buy a property located in Kingsbridge and I am already nervous. I couldn't find anything specific about Kingsbridge. Conveyancing will be needed in due course but do you know about the Kingsbridge area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Kingsbridge. In the meantime here are some basic statistics that we found