My husband and I are purchasing a new build apartment in Sandiacre and my conveyancer is telling me that she has to the bank to reveal incentives from the builder. I am on a tight deadline to sign contracts and I would rather not delay 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 bank panel is to comply with the UK Finance Lenders’ Handbook requirements. 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 am purchasing a new build house in Sandiacre with a loan from HSBC Bank. The developers refused to reduce the price so I negotiated 6k of additionals instead. The property agent advised me not disclose to my conveyancer about this deal as it may affect my loan with the bank. Should I keep quiet?.
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.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Sandiacre is the location of the property. Is there any guidance you can impart?
Flying freeholds in Sandiacre are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Sandiacre you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Sandiacre may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
What does commercial conveyancing in Sandiacre cover?
Sandiacre conveyancing for business premises covers a broad array of services, provided by regulated solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
We own a leasehold flat in Sandiacre. Conveyancing was completed in 2011. I have been told that I mustn’t let the lease length get too short. Is this correct?
Sandiacre leasehold properties are for a prescribed term - usually 99 years when they commenced. However a significant flats in Sandiacre were built or converted 35 or more years ago and so these leases now have under 80 years unexpired. This may sound like a long time but Banks, Building Societies and other mortgage institutions tend to require leases to have a minimum of seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To increase the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. There are also significant benefits to taking action before the lease reaches even 80 years as when the lease falls below 80 years the amount you have to pay to extend starts to escalate.