My husband and I are acquiring a newly constructed flat in Allenton and my lawyer is informing me that she has to the mortgage company to disclose incentives from the builder. I am under pressure to sign contracts and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender 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.
I am the registered owner of a freehold house in Allenton yet pay rent, why is this and what is this?
It is rare for properties in Allenton and has limited impact for conveyancing in Allenton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
When it comes to lenders such as Coventry BS, do Allenton property lawyers incur an annual charge to be on the list of approved solicitors?
We are unaware of any bank fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.
Is it the case that all Allenton solicitor firms on the Virgin Money conveyancing panel are governed by the SRA?
As a firm of solicitors, in order to be on the Virgin Money conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many mortgage companies do allow licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.
We have agreed to purchase a house in Allenton. An unusual 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 follow the conveyancing instructions outlined in Part two of UK Finance Lenders’ Handbook for Co-operative. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and lawyers are required to report to Co-operative where a lease does not satisfy these conditions. The provisions relate to the installation of panels on properties nationwide and is not restricted to Allenton.
I am purchasing a new build house in Allenton benefiting from help to buy. The developers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about this side-deal as it could impact my mortgage with Barclays . 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.
Am I best advised to appoint a Allenton conveyancing solicitor in close proximity to the house I am hoping to buy? We have a good friend who can handle the legal work but her office is approximately 350kilometers away.
The primary upside of using a high street Allenton conveyancing practice is that you can visit the firm to execute documents, deliver your ID and pester them where appropriate. They will also have local intelligence which is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were happy that must trump using an unfamiliar Allenton conveyancing solicitor solely due to them being round the corner.