We are purchasing a newly built duplex in Great Wyrley and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and I don't want to prolong matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company 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.
Having spent time researching consumer advice sites for a cheap lawyer in Great Wyrley, many advise that I should look for a CQS assured solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in home ownership transfers, trusted by some of the UK's major banks. In 2011-12 the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). The scheme does not cover licenced conveyancers. Great Wyrley is one of the numerous areas in England and Wales where there are CQS solicitors.
We are close to exchanging contracts on the sale of our house in Great Wyrley and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any local conveyancer would know that there is no such problem. For the life of me I don't know why the buyers used an internet conveyancing firm as opposed to a conveyancing solicitor in Great Wyrley. Having lived in Great Wyrley for 4 years we know that this is a non issue. Do we contact our local Authority to obtain clarification that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am purchasing my first flat in Great Wyrley with the aid of help to buy. The developers would not reduce the price so I negotiated £7000 of extras instead. The house builders rep advised me not reveal to my conveyancer about the side-deal as it would jeopardize my mortgage with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Great Wyrley is the location of the property. Can you offer any opinion?
Flying freeholds in Great Wyrley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Great Wyrley you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Great Wyrley may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Last March I purchased a leasehold property in Great Wyrley. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 2 bed flat in Great Wyrley, conveyancing formalities finalised January 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Great Wyrley with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 levied per year. The lease comes to an end on 21st October 2093
With 67 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.