Me and my partner are due to exchange buying a house in Covent Garden but as a result of damage from a small fire at the property I have was able negotiate compensation from the seller of £3k by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process yet Santander are not allowing this. Why were they notified?
The conveyancing practitioner that is on a Santander approved list is obliged to advise Santander of any variations to the sale price. If you prohibit your conveyancing practitioner to notify the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new conveyancing practitioner for your conveyancing in Covent Garden.
I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Covent Garden. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 6/12/2018, the requirements read as follows :
A colleague advised me that where I am buying in Covent Garden I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Covent Garden conveyancing searches. It is a large document of more than thirty pages, listing and setting out important information about Covent Garden around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Covent Garden Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Covent Garden.
I am buying my first flat in Covent Garden with a mortgage from Lloyds TSB Bank. The builders refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not disclose to my conveyancer about the extras as it would impact my loan with the bank. 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.
What does commercial conveyancing in Covent Garden cover?
Non domestic conveyancing in Covent Garden incorporates a wide range of advice, offered by regulated solicitors, relating to business property. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.