I plan on purchasing a ground floor flat in Limbury. My Conveyancer is not listed on the bank approved list. Is it possible for me to continue with my Limbury conveyancing solicitor notwithstanding that they are excluded from the mortgage company list of approved lawyers?
You must have a property lawyer to complete the legal work required when you need a loan to buy your home. They will carry out all the relevant due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the required mortgage documentation is dealt with. You may instruct a Limbury solicitor of your choosing. Nevertheless, where the solicitor appointed is not on the lender approved list supplemental costs will arise as separate legal representation will be need by the lender. Lender panel applications can be submitted, so provided your conveyancer has not previously sought membership they should do so.
My nephew is in the process of securing a house that has just been built in Limbury with a mortgage from UBS. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the UBS conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
It is is a decade since I acquired my property in Limbury. Conveyancing lawyers have recently been instructed on the sale but I can't track down the title deeds. Will this cause complications?
Don’t worry too much. First there is a possibility that the deeds will be kept by the mortgage company or they may still be with the conveyancers who oversaw the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in Limbury relates to registered property but in the rare situation where your home is unregistered it is more tricky but is resolvable.
Should our solicitor be asking questions concerning flooding as part of the conveyancing in Limbury.
The risk of flooding is if increasing concern for conveyancers conducting conveyancing in Limbury. There are those who buy a property in Limbury, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Solicitors are not best placed to impart advice on flood risk, however there are a number of searches that can be undertaken by the purchaser or by their solicitors which will give them a better understanding of the risks in Limbury. The standard completed inquiry forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) contains a usual inquiry of the owner to find out whether the premises has suffered from flooding. If flooding has previously occurred and is not notified by the owner, then a purchaser may issue a compensation claim stemming from an incorrect answer. A buyer’s conveyancers may also order an enviro search. This should indicate whether there is any known flood risk. If so, additional inquiries should be initiated.
I'm purchasing my first flat in Limbury with a loan from Lloyds TSB Bank. The developers refused to reduce the price so I negotiated £7000 of extras instead. The sale representative told me not to tell my lawyer about the deal as it will affect my mortgage 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.