I am acquiring a newly constructed duplex in Snodland and my lawyer is advising me that she has to the lender to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I have no desire 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 lender 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.
I am the single beneficiary of my late father’s estate with all property in now in my sole name, including the house in Snodland. The Snodland property was put into my name in March. I want to move. I do know about the CML six month 'rule', meaning my proprietorship may be treated the same way as though I had purchased the house in March. Is the property unsalable for six months?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be caught by that. Most lenders would take a pragmatic view as this obligation primarily exists to pick up on subsales or the flipping of properties.
is it true that all Snodland solicitor firms on the Santander conveyancing panel are regulated by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Santander conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Some banks do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
I am expecting a AIP from Skipton this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Skipton recommend any Snodland solicitors on the Skipton conveyancing panel, or is it better to go independently?
You will need to appoint Snodland solicitors independently although you'll need to choose one on the Skipton conveyancing panel. The solicitor represents both you and Skipton through the process.
My wife and I are downsizing from our home in Snodland and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a factory type conveyancing firm rather than a conveyancing solicitor in Snodland. We have lived in Snodland for six years we know that this is a non issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
My wife and I purchased a semi-detached Edwardian property in Snodland. Conveyancing lawyer represented me and Leeds Building Society. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold under the exact same property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Snodland and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing solicitor who conducted the purchase.
I am purchasing my first flat in Snodland with a loan from Britannia. The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The sale representative advised me not reveal to my solicitor about the extras as it may affect my mortgage with Britannia. Is this normal?.
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.