My husband and I are purchasing a newly built duplex in Rochford and my solicitor is advising me that she has to the mortgage company to disclose incentives from the developer. I am nearing the developer’s deadline to sign contracts and my preference is not to prolong the conveyancing. Is my lawyer right?
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 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.
When does exchange of contracts occur in residential conveyancing in Rochford and am I required to be at the conveyancers office?
If you are near to one of the conveyancing solicitors in Rochford you are welcome to come in to sign the paperwork. That being said, the law practices we work with supply a national conveyancing service and give just as detailed and professional a job for you when dealing with you by post or email. The executing of the contract is not when everything is set in stone. A signed contract simply enables the firm to exchange contracts when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Rochford)to be in the office available at the end of the phone to exchange contracts.
3 months have gone by following my purchase conveyancing in Rochford concluded. I have checked the Land Registry website which shows that I paid £175,000 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 residence 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 a new build house in Rochford with the aid of help to buy. The sellers would not reduce the amount so I negotiated 6k of extras instead. The property agent suggested that I not to tell my solicitor about the extras as it may adversely affect my mortgage with the lender. 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.
Due to the input of my in-laws I had a survey completed on a property in Rochford ahead of retaining lawyers. I have been told that there is a flying freehold aspect to the property. My surveyor has said that some banks tend refuse to give a loan on such a house.
It varies from the lender to lender. HSBC has different instructions from Halifax. If you call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Rochford. Conveyancing will be smoother if you use a solicitor in Rochford especially if they regularly deal with such properties in Rochford.