My wife and I are buying a newly built apartment in Bridlington and my lawyer is informing me that she is duty bound to the mortgage company to reveal incentives from the developer. I am nearing the developer’s deadline to sign contracts and I would rather not prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. 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 have been recommended a conveyancing solicitor in Bridlington. I I would like to check whether they are accepted on the National Westminster Bank conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing to do is contact your solicitor and ask them whether they can act for the lender. Alternatively please get in touch with National Westminster Bank who may be able to assist.
It has been three months following my purchase conveyancing in Bridlington concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am purchasing my first flat in Bridlington with a mortgage from Barclays . The sellers would not budge the price so I negotiated 6k of extras instead. The house builders rep suggested that I not reveal to my lawyer about this extras as it would adversely affect my loan with the bank. 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.
Is it best to use a Bridlington conveyancing practitioner who is local to the property I am purchasing? An old friend can conduct the legal work however her office is 200miles away.
The benefit of a high street Bridlington conveyancing practice is that you can drop in to execute paperwork, deliver your ID and apply pressure on them if necessary. Having local Bridlington know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and in the main were happy that should outweigh using an unknown Bridlington conveyancing solicitor solely due to them being round the corner.