I am buying a new build flat in Middleton and my lawyer is advising me that she is duty bound to the mortgage company to disclose incentives from the builder. I am on a tight deadline to exchange contracts and I have no desire 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 mortgage company 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.
My wife and I have arranged a further advance on our mortgage from Clydesdale as we want to conduct renovations to our house in Middleton. Are we obliged to choose a bricks and mortar Middleton solicitor on the Clydesdale conveyancing panel to handle the legals?
Clydesdale would not normally require firms on their conveyancing panel 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 Clydesdale panel.
About to purchase house in Middleton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Middleton solicitor is on the Nottingham conveyancing panel.
After shopping around on the internet I have found a Middleton lawyer having made sure that they are on the Nationwide conveyancing panel. Does my lawyer arrange the survey of the property?
Nationwide will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nationwide 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 conveyancing practitioner 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 Middleton postcode. As you are getting a mortgage with Nationwide, you could contact them to see if they have a list of approved surveyors in Middleton.
Will commercial conveyancing searches disclose impending roadworks that may impact a commercial estate in Middleton?
Many commercial conveyancing solicitors in Middleton will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in investigating accurate data on highways that impact buildings and development assets in Middleton. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Middleton.
For every commercial conveyancing transaction in Middleton it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Middleton commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not carried out for residential conveyancing in Middleton.
I'm purchasing my first flat in Middleton with a mortgage from Nationwide Building Society. The developers refused to budge the amount so I negotiated £7000 of extras instead. The house builders rep suggested that I not reveal to my solicitor 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 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.
Due to the guidance of my in-laws I had a survey completed on a property in Middleton in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some banks tend not give a loan on this type of home.
It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to telephone us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Middleton. Conveyancing will be smoother if you use a solicitor in Middleton especially if they are familiar with such properties in Middleton.
I have been advised by three or four local selling agents in Middleton to get a quote from a solicitor using your seach tool. What’s the financial advantage for Estate Agents to offer your services over alternative conveyancing organisations?
We don’t offer any commission for pointing buyers and sellers to this site. We thought it would be too underhand to pay a commission because home movers will think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.