My wife and I are purchasing a newly built apartment in Hedon and my lawyer is informing me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to sign contracts and my preference is not to prolong the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. 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 had a mortgage agreed in principle with Principality. Hedon conveyancing practitioners were chosen. How long does it take for Principality to forward the offer to the lawyer?
There is no definitive answer here. Have Principality conducted the valuation? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am selling my flat. I had a double glazing fitted in September 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, HSBC are being a right pain. The Hedon solicitor who is on the HSBC conveyancing panel is recommending indemnity insurance as a solution but HSBC are insisting on a building regulation certificate. Why do HSBC have a conveyancing panel if they don't accept advice from them?
It is probably the case that HSBC have referred the matter to their valuer. The reason why HSBC may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
My offer was accepted on an apartment in Hedon on 3/1/2024, valuation was booked five days later, all came back fine. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Yorkshire BS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Yorkshire BS conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Yorkshire BS to deal with your lawyer's application to be on the Yorkshire BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
I'm buying my first flat in Hedon with the aid of help to buy. The sellers would not move on the price so I negotiated £7000 of additionals instead. The property agent told me not reveal to my solicitor about the side-deal as it may jeopardize my loan with Accord Mortgages Ltd. 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.
I am looking for a leasehold apartment up to £305k and identified one close by in Hedon I like with open areas and railway links nearby, however it only has 51 years on the lease. There is not much else in Hedon suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage the shortness of the lease may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Am I best advised to choose a Hedon conveyancing lawyer based in the location that I am purchasing? We have a good friend who can deal with the conveyancing but his firm is located over three hundred kilometers away.
The primary upside of using a local Hedon conveyancing firm is that you can drop in to sign paperwork, present your identification documents and pester them where appropriate. Having local Hedon know how is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were happy that must surpass using an unknown Hedon conveyancing solicitor solely due to them being based in the area.