My partner and I are purchasing a newly built duplex in Spalding and my lawyer is informing me that she is duty bound to the bank to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
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 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 had intended to instruct a conveyancing solicitor in Spalding for our house move. Our financial adviser informed us that our mortgage lenders Bank of Scotland won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most banks had a different appetite for risk. Almost all Spalding conveyancing firms would have been on many bank panels. The Financial Services Authority in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms concerning their operations and their employees and establishing certain criteria such a completing on a minimum number of conveyancing. Many Spalding conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Spalding is one of the thousands of locations where the conveyancers showing on our search results are are approved Bank of Scotland.
Various internet forums that I have come across warn that are the main reason for hinderance in Spalding house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Spalding.
I'm buying a new build house in Spalding benefiting from help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent suggested that I not inform my lawyer about this side-deal as it could jeopardize my loan with the bank. 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've recently found out that there is a flying freehold element on a property I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Spalding is where the house is located. What do you suggest?
Flying freeholds in Spalding are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Spalding you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Spalding may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have just appointed agents to market my 2 bed flat in Spalding. Conveyancing is yet to be initiated, however I have recently received a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is clear the maintenance contribution as you normally would because all ground rent and service payments will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I own a leasehold flat in Spalding, conveyancing having been completed in 2002. Can you work out an approximate cost of a lease extension? Similar properties in Spalding with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease ceases on 21st October 2078
With only 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.