My wife and I are buying a newly built apartment in Long Itchington and my solicitor is advising me that she has to the bank to reveal incentives from the seller. I am nearing the developer’s deadline to exchange contracts and I don't want to prolong 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 specifications. 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 flat in Long Itchington is up for sale and I have a purchaser. Will my conveyancer have to be required to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently currently.
This question may be naive but I am wet behind the ears as a first time purchaser of a two bedroom flat in Long Itchington. Do I pick up the keys to the premises on completion from my solicitor? If so, I will appoint a High Street conveyancing solicitor in Long Itchington?
On the day of completion you do not need to go to the conveyancers office in Long Itchington. Your solicitors will electronically transfer the purchase money to the vendor’s conveyancers, and shortly after the monies have arrived, you should be called to pick up the keys from the Estate Agents and start moving into the property. Usually this occurs between 1 and 3pm.
My uncle pointed out to me me that in buying a property in Long Itchington there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Long Itchington which have some sort of restriction or requirement of consent to external changes. Part of the conveyancing in Long Itchington should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
My solicitor has informed me that restrictive coveneant insurance is required on my purchase. What is the level of cover for Long Itchington conveyancing?
The right level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between Halifax and Leeds Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
Me and my brother have a 4 bedroom Georgian property in Long Itchington. Conveyancing solicitor acted for me and Skipton Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the matching address. Is it worth asking Skipton Building Society to clarify?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Long Itchington and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with the conveyancing lawyer who conducted the conveyancing.
I am buying my first flat in Long Itchington with a mortgage from Norwich and Peterborough Building Society. The sellers refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative told me not disclose to my lawyer about this extras as it would put at risk my mortgage with the lender. 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.