My wife and I are buying a newly constructed duplex in Sychdyn and my conveyancer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am under pressure to exchange contracts and I don't want to delay matters. 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 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.
We are downsizing from our home in Sychdyn and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. A local lawyer would know this is not the case. It does beg the question why the buyers are using a nationwide conveyancing outfit as opposed to a conveyancing solicitor in Sychdyn. Having lived in Sychdyn for 5 years we know of no issue. Do we get in touch with our local Authority to seek clarification need.
It would appear that you have a conveyancing solicitor currently acting for you. Are they able to advise? You must 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 health insurance to cover that same sickness)
I'm buying a new build house in Sychdyn with a loan from Godiva Mortgages Ltd. The developers would not move on the amount so I negotiated £7000 of additionals instead. The sale representative told me not inform my solicitor about the extras as it would put at risk my mortgage with Godiva Mortgages Ltd. 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.
We're new on the property ladder - had an offer accepted, yet the property agent informed us that the vendor will only move forward if we use their recommended solicitors as they want a ‘quick sale’. We would rather use a local conveyancer who is familiar with conveyancing in Sychdyn
It is unlikely the sellers are driving this. If they want ‘a quick sale', turning down a motivated buyer is counter productive. Try to communicate with the sellers directly and make sure they comprehend that (a)you are keen to buy (b)you are excited to move forward, with finances in place © you are chain free (d) you wish to move quickly (e)however you intend to use your preferred Sychdyn conveyancing lawyers - not the ones that will provide their estate agent a kickback or achieve conveyancing thresholds demanded by corporate headquarters.
I've recently bought a leasehold flat in Sychdyn. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Sychdyn - Examples of Queries Prior to Purchasing
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What is the name of the managing agents? It would be sensible to find out if the the lease contains any adverse restrictions in the lease. For example it is very common in Sychdyn leases that pets are not allowed in certain buildings in Sychdyn. If you like the propertyin Sychdyn however your dog is not allowed to live with you then you will be faced difficult decision.
Why do I have to provide my lawyer with numerous items of identification ahead of starting selling or purchasing a property in Sychdyn?
Sychdyn conveyancers are duty bound by the Law Society, Solicitors Regulation Authority, the Land Registry and current Money Laundering Regulations to record that the have checked the identity of their clients. It is also sometimes a requirement of your mortgage offer. Furthermore they have to complete various forms, particularly those relating to SDLT and need to have details such as your full names, NI number and date of birth.