I'm purchasing my first flat in Lyme Regis with a loan from Coventry Building Society. The builders refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my solicitor about the extras as it may impact my mortgage with the lender. Do I keep my lawyer in the dark?.
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 opted to have a survey carried out on a property in Lyme Regis ahead of retaining solicitors. I have been informed that there is a flying freehold aspect to the house. My surveyor advised that some lenders may not issue a loan on this type of home.
It depends who your proposed lender is. Santander has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Lyme Regis. Conveyancing will be smoother if you use a solicitor in Lyme Regis especially if they are acquainted with such properties in Lyme Regis.
Am I right to be wary about 3rd parties that I am dealing with are recommending a national conveyancing firm as opposed to a local Lyme Regis conveyancing firm?
As with lots of service providers, often referrals from connections can be extremely useful or valuable. Nevertheless there are many players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies may suggest lawyers to select. Sometimes these lawyers might be known to one of the organisations as experts in their field, but occasionally there behind the scenes commercial relationship behind the recommendation. You have the discretion to appoint your own lawyer. You need to be aware that some lenders have an approved list of solicitors you must use for the mortgage aspect of your house move.
In relation to leasehold conveyancing in Lyme Regis what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Lyme Regis. Most leases are individual and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
A provision to repair to or maintain parts of the building Insurance obligations
You will encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, The Royal Bank of Scotland, and TSB all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
Leasehold Conveyancing in Lyme Regis - Sample of Questions you should consider Prior to Purchasing
Does the lease have more than 82 years unexpired? What restrictions exist in the Lyme Regis Lease? Its a good idea to find out as much as possible regarding the company managing the building as they will affect your use and enjoyment of the property. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to day to day matters such as the upkeep of the common parts. Enquire of other people what they think of their service. In conclusion, be sure you know the dates that the maintenance fees are due to the managing agents and precisely what it includes.
I am purchasing a flat and cash is in place. I have provided conveyancer with two separate forms of photographic ID, bank statement, multiple utility bills. Now he needs a copy from a probate lawyer acknowledging that the funds are in order and that it has come from inheritance and not via illegitimate means.
In today’s world you will not be able to complete any Lyme Regis conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Establishing of your source of funds is required under Money Laundering Regulations.