I am purchasing a new build apartment in Rumney and my lawyer is advising me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I have no desire to prolong deal. 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 mortgage company panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a property lawyer in Rumney for our home move. Our broker has since notified us that our mortgage company Halifax won't deal with them. Why is this not regarded as unduly restrictive?
Lenders normally restrict either the type or the amount of conveyancing firms on their panel. A common example of such restriction(s) being that a law practice must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the number of solicitor practices they use to represent them. You should note that Halifax have no responsibility for the quality of advice provided by any member of Halifax Conveyancer Panel. Mortgage fraud was a key driver in the reduction of conveyancing panels since 2008 even though there remains differing views regarding the extent of solicitor involvement in some of that fraud. Data from the Land Registry reveal that plenty of law firms, including some in or near Rumney only conduct a couple conveyances a year.
I am helping my mother sell her flat in Rumney. Does the conveyancer arrange the energy performance certificate or should I organise this?
After the abolition of HIPs, EPC’s was left as a required element of selling a property. An EPC needs to be to hand prior to the property being advertised. It is not as aspect of the sale process that conveyancers normally arrange. If you are using a Rumney conveyancing solicitor they may be willing to arrange energy assessments due to their relationships with long established local accredited person
How can we know in advance if a Rumney conveyancing solicitor on the HSBC panel is any good?
When it comes to conveyancing in Rumney getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your conveyancing.
I'm in the throws of viewing houses in Rumney and I am about to put in an offer. Should I already have a property lawyer in place at this point? I intend to finance via a home loan with RBS.
It would be prudent to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are seeking a mortgage with RBS, ask your prospective lawyers if they are on the RBS conveyancing panel otherwise they can't do the mortgage legal work.
I am buying a new build house in Rumney with a loan from Santander. The sellers would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my lawyer about the side-deal as it will adversely affect my loan with Santander. 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.
Is there anything unique about your site and alternative web based conveyancing solicitors for conveyancing in Rumney?
At this site secure a fixed fee quote from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Rumney. As opposed to estate agents and many comparison sites we do not have commission deals with solicitors. Many agents and online brokers 'recommend' solicitors who pay the highest kickback, not the best value conveyancing in Rumney
What are your top tips when it comes to appointing a Rumney conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for your lease extension (regardless if they are a Rumney conveyancing practice) it is imperative that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Rumney conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then why not? What are the costs for lease extension conveyancing?
I invested in buying a 2 bed flat in Rumney, conveyancing having been completed in 2000. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Rumney with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2100
With only 74 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.