My wife and I are acquiring a newly built apartment in Welling and my solicitor is informing me that she is duty bound to the mortgage company to disclose incentives from the seller. The Estate Agents are hassling me to sign contracts and I have no desire to prolong the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender 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.
Do banks and building societies provide you with an approved list of Welling conveyancing solicitors? How do you know who is on the Virgin Money conveyancing panel?
Welling conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.
Should my conveyancer be asking questions concerning flooding as part of the conveyancing in Welling.
Flooding is a growing risk for solicitors conducting conveyancing in Welling. Some people will acquire a house in Welling, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not best placed to give advice on flood risk, but there are a number of checks that can be carried out by the purchaser or by their solicitors which should figure out the risks in Welling. The standard completed inquiry forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the owner to discover if the property has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a purchaser may issue a claim for damages as a result of such an misleading reply. The purchaser’s conveyancers will also order an enviro report. This will reveal if there is a recorded flood risk. If so, more detailed investigations should be made.
I have justbecome aware that Arc property Solicitors have closed. They carried out my conveyancing in Welling for a purchase of a freehold house 9 months ago. How can I establish that my home is registered correctly in the name of the former proprietor?
The quickest way to see if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Welling conveyancing specialists.
I'm purchasing my first flat in Welling benefiting from help to buy. The developers would not reduce the amount so I negotiated 6k of extras instead. The sale representative told me not reveal to my solicitor about the side-deal as it would affect my loan with Yorkshire Building Society. 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.
What can I expect to pay for conveyancing in Welling?
The total sum levied for conveyancing in Welling will differ significantly from firm to firm. Given these variations it especially important that you have a complete breakdown of costs before you choose a solicitor. It is advisable to find a couple quotes.