My wife and I are acquiring a newly built duplex in Whiston and my lawyer is telling me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not 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 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.
Why do I have to pay up front for conveyancing in Whiston?
Where you are retaining lawyers for conveyancing in Whiston your lawyer will request that you place them with monies to cover the the cost of the conveyancing searches. Normally this is called for to cover the fees of the Local Authority Search. When the down payment is payable against the total price then this will be required immediately ahead of exchange of contracts. Any further balance that is needed should be transferred a few days ahead of the day of completion.
Various web forums that I have frequented warn that are the primary reason for hinderance in Whiston conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of holding up conveyancing in Whiston.
It has been three months following my purchase conveyancing in Whiston completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £160,000. 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 asset 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 am purchasing my first flat in Whiston with a loan from Birmingham Midshires. The sellers refused to reduce the price so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my solicitor about this side-deal as it will affect 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.
Am I better off to use a Whiston conveyancing solicitor based in the area that I am purchasing? I have an old university friend who can deal with the conveyancing but his firm is located approximately 350miles away.
The benefit of a local Whiston conveyancing practice is that you can attend the office to sign paperwork, deliver your ID and pester them if necessary. They will also have local intelligence which is a bonus. That being said nothing is more important than finding someone that will do a good and efficient job. If you know people who used your friend and they were happy that should trump using an unfamiliar Whiston conveyancing lawyer just because they are local.