My wife and I are purchasing a brand new duplex in Widdrington and my lawyer is advising me that she has to the lender to disclose incentives from the builder. I am under pressure 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 conveyancer. A precondition to being on a mortgage company 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 have agreed to purchase a house in Widdrington. A rare aspect is that the roof has a solar panel. Co-operative have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
As your lender is Co-operative your lawyer must comply with the conveyancing requirements outlined in Section 2 of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Co-operative where a lease fails to comply with these requirements. The requirements relate to the installation of panels on properties in England and Wales and is not isolated to Widdrington.
It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Widdrington building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Widdrington conveyancing solicitor - who is on the bank conveyancing panel- called to say that they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
As long as the conveyancing practitioner is on the mortgage company panel, they must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my flat. I had a double glazing fitted in May 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being difficult. The Widdrington solicitor who is on the Nottingham conveyancing panel is recommending indemnity insurance as a solution but Nottingham are insisting on a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I am purchasing my first flat in Widdrington with a mortgage from Bank of Scotland. The builders would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative advised me not to tell my conveyancer about the side-deal as it may jeopardize my loan with the lender. 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 decided to have a survey carried out on a property in Widdrington in advance of instructing solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some banks may refuse to grant a loan on this type of house.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Widdrington. Conveyancing will be smoother if you use a solicitor in Widdrington especially if they regularly deal with such properties in Widdrington.
I need to appoint a conveyancing solicitor for freehold conveyancing in Widdrington. I happened to land on a site which appears to be the perfect offering If there is a chance to get all formalities completed via phone that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Widdrington. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Widdrington are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can assist with the conveyancing process. It is clear that you are purchasing in Widdrington in which case you should be shopping around for a Widdrington conveyancing practitioner and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions such as requiring the landlord’spermission to carry out alterations. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is part of an estate. Your conveyancer will advise you fully on all the issues.