We are purchasing a newly constructed flat in Great Barr and my conveyancer is telling me that she is duty bound to the lender to reveal incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company 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.
When will exchange of contracts take place for domestic conveyancing in Great Barr and do I need to attend the conveyancers branch?
Where you are in close proximity to our conveyancing solicitors in Great Barr you are welcome to attend to sign contracts. That being said, the firms we recommend provide a national conveyancing service and provide just as diligent and professional a job for you when dealing with you by post or email. The signing of the contract is not the point of no return. A signed contract is just a prerequisite for the firm to officially exchange at the appropriate time, which will usually be very shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Great Barr)to be in the office at the appropriate time.
2 months have gone by following my purchase conveyancing in Great Barr completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. 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 premises 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'm buying my first flat in Great Barr with the aid of help to buy. The sellers would not reduce the amount so I negotiated £7000 of fixtures and fittings instead. The sale representative told me not disclose to my solicitor about the side-deal as it would affect my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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 Great Barr cover?
Great Barr conveyancing for business premises incorporates a broad range of services, offered by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer 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.