My husband and I are buying a newly constructed duplex in Redbridge and my solicitor is informing me that she has to the lender to disclose incentives from the developer. The Estate Agents are hassling me to exchange and I have no desire to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Can you explain why leasehold purchase conveyancing in Redbridge is more expensive?
In summary, leasehold conveyancing in Redbridge and North East London usually warrants extra hours of investigation compared to freehold transactions. This includes analysing the lease terms, corresponding with the landlord about the service of appropriate notices, securing up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different leaseholders have owned the lease since it was first entered into.
This question may be naive but I am unseasoned as FTB of a garden flat in Redbridge. Do I receive the keys to the premises on completion from my lawyer? If this is the case, I will use a High Street conveyancing solicitor in Redbridge?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the purchase money to the seller's conveyancers, and once they have received this, you will be invited to collect the keys from the Estate Agents and move into your new home. This tends to happen early afternoon.
When it comes to mortgage companies such as Nationwide, do Redbridge solicitors have to pay a fee to be on the conveyancing panel?
We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
I have today made my last payment due on my mortgage with Principality. I assume I don't need a Redbridge conveyancing practitioner on the Principality panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Principality has sent the Land Registry the discharge electronically, and
- Principality has instructed the Land Registry to do so
Should my solicitor be making enquiries concerning flooding as part of the conveyancing in Redbridge.
The risk of flooding is if increasing concern for conveyancers specialising in conveyancing in Redbridge. There are those who purchase a house in Redbridge, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to give advice on flood risk, but there are a number of searches that may be undertaken by the purchaser or on a buyer’s behalf which should figure out the risks in Redbridge. The conventional set of property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) includes a usual inquiry of the seller to determine if the premises has suffered from flooding. In the event that the property has been flooded in past and is not notified by the vendor, then a buyer may issue a compensation claim as a result of such an misleading reply. The buyer’s conveyancers will also commission an environmental search. This will disclose whether there is a recorded flood risk. If so, further investigations should be carried out.
I am buying my first flat in Redbridge with a mortgage from Nottingham Building Society. The sellers would not move on the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent told me not to tell my conveyancer about the extras as it would impact my loan with Nottingham Building Society. 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.
In my capacity as executor for the estate of my uncle I am disposing of a residence in Monmouth but reside in Redbridge. My lawyer (based 260 kilometers from meneeds me to execute a stat dec before the transaction finalising. Can you recommend a conveyancing lawyer in Redbridge to attest this legal document for me?
Technically speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or solicitor will be fine regardless of whether they are Redbridge based