My partner and I are buying a new build apartment in Mountsorrel and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to delay the conveyancing. 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 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.
I have been told by my conveyancer that lack of planning permission insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Mountsorrel?
The right level of lack of planning permission indemnity insurance should be dictated by who who your lender is. It would differ for example between National Westminster Bank and Chelsea Building Society. Conveyancing lawyers as opposed to members of the public take out such policies.
I am expecting a DIP from Aldermore this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Aldermore recommend any Mountsorrel solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Mountsorrel solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I have finally had an offer on a flat in Mountsorrel accepted, but there is a chain. The vendors have placed an offer on a property, however it’s not yet agreed to, and are looking at other flats booked. I have selected a nearby conveyancing solicitor in Mountsorrel. What should be my next step? At what stage do I apply for the mortgage with Yorkshire BS?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket too early (mortgage application is approx £1k, then valuation, Mountsorrel conveyancing search fees, etc). First, you must ensure that your lawyer is on the Yorkshire BS approved list. As to the next stages this very much depends on the specifics of your transaction, attraction to this property and on the state of the market. In a buoyant market the majority of buyers would apply for the mortgage with Yorkshire BS and pay for the valuation and only if it was satisfactory would they pay their lawyer to proceed with searches.
Should our solicitor be raising questions regarding flooding as part of the conveyancing in Mountsorrel.
The risk of flooding is if increasing concern for solicitors conducting conveyancing in Mountsorrel. Plenty of people will purchase a house in Mountsorrel, completely expectant that at some time, it may be flooded. 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 as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, but there are a numerous searches that may be undertaken by the buyer or by their lawyers which should give them a better appreciation of the risks in Mountsorrel. The standard information sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to discover whether the property has suffered from flooding. If the residence has been flooded in past which is not notified by the owner, then a buyer may bring a claim for damages stemming from an inaccurate reply. The buyer’s lawyers may also order an enviro search. This should higlight if there is any known flood risk. If so, additional investigations will need to be carried out.
I'm purchasing a new build house in Mountsorrel with a mortgage from Nationwide Building Society. The sellers refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not reveal to my conveyancer about this extras as it may adversely affect my mortgage with the bank. 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.
I am looking for a ground for flat up to £245,000 and found one close by in Mountsorrel I like with open areas and station nearby, however it only has 49 years on the lease. I can't really find anything else in Mountsorrel suitable, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term will be problematic. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
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