My husband and I are acquiring a newly constructed apartment in Cullompton and my lawyer is advising me that she has to the lender to disclose incentives from the builder. I am on a tight deadline to exchange 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 solicitor. A precondition to being on a lender 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.
My lawyer in Cullompton is not listed on the Norwich and Peterborough Building Society Approved Panel. Can I still use my prefered solicitor even though they are excluded from the Norwich and Peterborough Building Society list of approved lawyers?
The limited options available to you here include:
- Carry on with your preferred Cullompton lawyers but Norwich and Peterborough Building Society will need to use a conveyancer on their list of acceptable firms. This will result in additional total conveyancing charges as well as result in frustration.
- Choose an alternative solicitor to to deal with the conveyancing, not forgetting to check they are Norwich and Peterborough Building Society approved.
- Try to convince your Norwich and Peterborough Building Society solicitor to try to join the Norwich and Peterborough Building Society panel
Do commercial conveyancing searches reveal impending roadworks that could affect a commercial premises in Cullompton?
Its becoming the norm that commercial conveyancing solicitors in Cullompton will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Cullompton. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Cullompton.
For each commercial conveyancing transaction in Cullompton it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Cullompton commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Cullompton.
It has been 3 months since my purchase conveyancing in Cullompton concluded. I have checked the Land Registry website which shows that I paid £200,000 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 premises 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 purchasing a new build house in Cullompton benefiting from help to buy. The sellers refused to budge the price so I negotiated 6k of extras instead. The sale representative suggested that I not disclose to my lawyer about this extras as it would adversely affect 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.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one close by in Cullompton I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Cullompton suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.