My husband and I are purchasing a brand new flat in Tenterden and my solicitor is informing me that she is duty bound to the bank to disclose incentives from the developer. I am nearing the developer’s deadline to exchange contracts and I would rather not prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Are all Tenterden Conveyancing Quality Solicitors on the Virgin Money conveyancing list of approved firms?
It is true that some banks and building societies now make use of CQS as the starting point for Panel approval such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to remain on their approved list of conveyancing solicitors.
We have a mortgage agreed in principle with Santander. Tenterden conveyancing lawyers have been chosen. How long does it take for Santander to forward the offer to the property lawyer?
There is no definitive answer here. Have Santander completed the valuation? Have you informed Santander as to your lawyers' details and checked that your lawyers are on the Santander conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with Lloyds. I assume I don't need a Tenterden conveyancer on the Lloyds panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Lloyds 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 Lloyds mortgage from the register. Lloyds, 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 Lloyds has sent the Land Registry the discharge electronically, and
- Lloyds has instructed the Land Registry to do so
It has been four months following my purchase conveyancing in Tenterden completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying my first flat in Tenterden benefiting from help to buy. The sellers would not budge the amount so I negotiated 6k of additionals instead. The property agent advised me not inform my lawyer about the deal as it will impact my loan 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 opted to have a survey done on a property in Tenterden ahead of retaining conveyancers. I have been advised that there is a flying freehold element to the property. My surveyor has said that some banks tend refuse to give a loan on this type of house.
It varies from the lender to lender. Santander has different requirements for example to Halifax. If you e-mail us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Tenterden. Conveyancing may be slightly more expensive based on your lender's requirements.
Do you have any top tips for leasehold conveyancing in Tenterden from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Tenterden can be avoided where you appoint lawyers the minute you market your property and request that they start to collate the leasehold information which will be required by the buyers’ representatives. Many freeholders or managing agents in Tenterden charge for providing management packs for a leasehold home. You or your lawyers should find out the fee that they propose to charge. The management information sought as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Tenterden. A minority of Tenterden leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. In the event that you altered the property did you need the Landlord’s permission? In particular have you installed wooden flooring? Most leases in Tenterden state that internal structural alterations or addition of wooden flooring require a licence issued by the Landlord approving such works. Where you dont have the approvals to hand you should not communicate with the landlord without checking with your solicitor first.
Tenterden Leasehold Conveyancing - Sample of Queries before buying
On the whole the cost for major works tend not to be included within maintenance charges, albeit that some managing agents in Tenterden require leasehold owners to contribute towards a reserve fund and this is used to offset against larger works. What prohibitions are there in the Tenterden Lease? How is the lease structured?