My husband and I are acquiring a new build flat in Forest Row and my solicitor is telling me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to exchange and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. 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.
My wife and I are planning on selling our house in Forest Row and the buyers lawyers are claiming that there is a risk of it being built on contaminated land. A high street Forest Row lawyer would know this is not the case. It does beg the question why the purchasers are using a national conveyancing outfit rather than a conveyancing solicitor in Forest Row. Having lived in Forest Row for six years we know of no issue. Should we contact our local Authority to obtain confirmation that the buyers are looking for.
It would appear that you have a conveyancing lawyer currently acting for you. Are they able to advise? You need to check with 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 life insurance to cover that same illness)
I am buying a new build house in Forest Row with the aid of help to buy. The developers refused to move on the amount so I negotiated £7000 of extras instead. The sale representative suggested that I not to tell my solicitor about the extras as it would affect my mortgage with Yorkshire 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.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, no chain conveyancing. Forest Row is the location of the property. Can you shed any light on this issue?
Flying freeholds in Forest Row are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Forest Row you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Forest Row may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
How do I identify a Forest Row solicitor on the National Westminster Bank conveyancing panel? I have wheels and am happy to travel upto 20miles to meet the solicitor.
Feel free to make use of the tool on this website. Please select a bank and your location and you will see a number of Forest Row conveyancing lawyers locally. We have listed some Forest Row conveyancing firms towards the end of this page and you can telephone them to see if they are on the National Westminster Bank member panel