My husband and I are purchasing a new build apartment in Fairwater and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to sign contracts and I don't want to delay matters. 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 mortgage company 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.
What is the optimum way to investigate if the solicitor conducting my conveyancing in Fairwater is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Barclays thus paying £187.00 plus VAT in supplemental conveyancing invoice.
Feel free to make the most of the find a lender approved solicitor tool on this site. Pick the lender and type ‘Fairwater’ or your location and you will be presented with numerous solicitors offices in Fairwater or near you.
I am downsizing from our house in Fairwater and the buyers lawyers are claiming that there is a possibility that the property was constructed land that was not decontaminated. Any high street Fairwater lawyer would know this is not the case. It does beg the question why the purchasers used an internet conveyancing firm as opposed to a conveyancing solicitor in Fairwater. We have lived in Fairwater for three years we know of no issue. Should we contact our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing solicitor already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same sickness)
I am buying my first flat in Fairwater with a loan from The Royal Bank of Scotland. The builders would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent suggested that I not reveal to my conveyancer about the 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.
Due to the advice of my in-laws I had a survey completed on a house in Fairwater ahead of instructing conveyancers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders may refuse to issue a loan on this type of house.
It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Fairwater. Conveyancing may be slightly more expensive based on your lender's requirements.