My partner and I are buying a new build apartment in Blaina and my solicitor is advising me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange and I have no desire to delay matters. Is my lawyer right?
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 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 10 years ago since I acquired my property in Blaina. Conveyancing solicitors have just been retained on the sale but I can't track down my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by the lender or they could be archived with the conveyancers who handled the purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Blaina relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is not insurmountable.
We were going to get a OIP from Clydesdale this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Clydesdale recommend any Blaina solicitors on the Clydesdale conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Blaina solicitors independently although you'll need to choose one on the Clydesdale conveyancing panel. The solicitor represents both you and Clydesdale through the process.
I have today made my last payment due on my mortgage with Santander. I assume I don't need a Blaina conveyancer on the Santander panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Santander has sent the Land Registry the discharge electronically, and
- Santander has instructed the Land Registry to do so
I was told two weeks ago that my mortgage has been agreed to by Skipton. Is it usual for Skipton to only issue the offer once my solicitor in Blaina is approved on their conveyancing panel? Skipton have asked my solicitor to see a copy of their PI Insurance.
A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Skipton to deal with your lawyer's application to be on the Skipton conveyancing panel. There's no guarantee that your solicitor will be accepted.
I moved into my flat on 4 July and my personal details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Blaina expressed confidence that it will be concluded in a couple of weeks. Are properties in Blaina uniquely lengthy to register?
As far as conveyancing in Blaina is concerned, registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can differ according to who lodges the application, whether there are errors and if the Land registry communicate with any third persons or bodies. At present approximately 80% of submission are fully dealt with within two weeks but some can be subject to protracted hold-ups. Registration is effected once the purchaser is living at the premises thus 'speed' is not usually top priority yet if there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.
I'm purchasing a new build house in Blaina with a mortgage from Chelsea Building Society. The sellers refused to reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep advised me not to tell my conveyancer about this deal as it may put at risk my mortgage with Chelsea Building Society. 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.