We are purchasing a newly built duplex in Solihull and my conveyancer is informing me that she is duty bound to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to sign contracts and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
It is 10 years ago since I acquired my house in Solihull. Conveyancing solicitors have now been retained on the sale but I can't track down my title deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly there is a possibility that the deeds will be with your mortgage company or they may be in the possession of the lawyers who acted in the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Most conveyancing in Solihull involves registered property but in the rare situation where your home is not registered it is more tricky but is resolvable.
I need some expedited conveyancing in Solihull as I am under a deadline to exchange contracts inside one month. Luckily I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
If.Given you are are a cash purchaser you are at free not to have searches conducted although no lawyer would recommend that you don't. Drawing on our experience of conveyancing in Solihull the following are instances of issues that can crop up and therefore impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Road Schemes,...
I have a semi-detached Victorian property in Solihull. Conveyancing solicitor represented me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, the second leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
You should assess 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Solihull 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 mortgage companies. You can also question the situation with your conveyancing lawyer who completed the work.
I'm purchasing a new build house in Solihull with a mortgage from Lloyds TSB Bank. The builders would not budge the price so I negotiated £7000 of extras instead. The sale representative advised me not inform my solicitor about this side-deal as it would put at risk my loan 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.