My wife and I are purchasing a new build duplex in Putney Vale and my lawyer is telling me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What does my ID and proof of funds have anything to do with my conveyancing in Putney Vale? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you are required to sign will no doubt confirm this. Your lawyer also has obligations to obtain certain documents in accordance with the CML Lenders Handbook requirements last updated on 1st December 2014. Should you are unwilling to supply ID verification documents, your lawyer would not be able to accept instructions from you.
What is the best way to find out if the solicitor conducting my conveyancing in Putney Vale is on the lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Leeds Building Society thus paying £175.00 in supplemental conveyancing bill.
Feel free to make the most of the find a conveyancing panel solicitor tool on this site. Please choose the lender and type ‘Putney Vale’ or your location and you will be presented with numerous solicitors located in Putney Vale or near you.
I am downsizing from our house in Putney Vale and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A local lawyer would know that there is no such problem. It does beg the question why the buyers are using an internet conveyancing outfit as opposed to a conveyancing solicitor in Putney Vale. We have lived in Putney Vale for 4 years we know of no issue. Should we contact our local Authority to obtain confirmation that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You should enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
I'm purchasing a new build house in Putney Vale with the aid of help to buy. The builders would not reduce the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not inform my solicitor about the side-deal as it may jeopardize my loan with Chelsea Building Society. Do I keep my lawyer in the dark?.
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 decided to have a survey done on a house in Putney Vale in advance of appointing lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies will refuse to grant a loan on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Putney Vale. Conveyancing may be slightly more expensive based on your lender's requirements.