My partner and I are looking to purchase a flat in Blandfordum and are in fact using a Blandfordum conveyancing practice. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Barclays Direct have this evening contacted us to inform me that there is now an issue as our Blandfordum lawyer is not on their approved list of lawyers. Please explain?
When purchasing a property with mortgage finance it is normal for the purchasers' solicitors to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Blandfordum lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our son-in-law is in the process of securing a newly built flat in Blandfordum with a mortgage from Kent Reliance. His conveyancer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Kent Reliance conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Kent Reliance conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Why do I have to pay up front for conveyancing in Blandfordum?
Where you are retaining lawyers for conveyancing in Blandfordum your lawyer will ask you put them with funds to cover the the cost of the conveyancing searches. Ordinarily this is requested to cover the fees of the conveyancing searches. When the down payment is payable against the purchase price then this will be required shortly prior to contracts are exchanged. The final balance that is needed should be sent to your lawyer a couple of days ahead of the completion date.
What will a local search inform me about the house my wife and I buying in Blandfordum?
Blandfordum conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays an important part in most Blandfordum conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your property. The search should supply data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
I am buying a new build house in Blandfordum with a mortgage from Bank of Ireland. The developers refused to budge the amount so I negotiated 6k of additionals instead. The sale representative told me not reveal to my lawyer about this side-deal as it will put at risk my loan with the bank. 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.