We are purchasing a newly built flat in Lytchett Matravers and my lawyer is informing me that she has to the bank to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and I have no desire to delay matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I bought my house in Lytchett Matravers. Conveyancing lawyers have just been retained on the sale but I can't locate the title deeds. Is this a major issue?
Don’t worry too much. Firstly there is a chance that the deeds will be with the lender or they could be archived with the conveyancers who acted in your purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Lytchett Matravers involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
Forgive me if this question is silly but I am wet behind the ears as FTB of a garden flat in Lytchett Matravers. Do I receive the keys to the premises on completion from my conveyancer? If this is the case, I will use a High Street conveyancing solicitor in Lytchett Matravers?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the owner’s conveyancers, and shortly after the monies have arrived, you will be able to receive the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
I am currently in the process of buying my council flat in Lytchett Matravers. I have a mortgage agreed with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
It is not clear whether my bank requires a lease extension. I have called into my local Lytchett Matravers building society branch on a couple of occasions and was told it does not affect the mortgage offer and they would lend. My Lytchett Matravers conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The solicitor has to comply with the Council of Mortgage Lenders’ Handbook section two requirements for your bank. 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I'm purchasing my first flat in Lytchett Matravers benefiting from help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not disclose to my lawyer about this deal as it will put at risk my loan with Chelsea 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.
I have been on the look out for a ground for flat up to £195,000 and found one close by in Lytchett Matravers I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. There is not much else in Lytchett Matravers for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.
Why do I have to supply my solicitor with numerous items of identification ahead of starting selling or purchasing a property in Lytchett Matravers?
Lytchett Matravers solicitors are duty bound by the Law Society, SRA, the Land Registry and current AML legislation to certify that the have checked the identity of their clients. It will also be a requirement of your mortgage offer. In addition they have to complete various forms, particularly those relating to Land Tax and need to have information such as your full names, NI number and date of birth.