We are acquiring a brand new apartment in St Brides Major and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the builder. I am under pressure to exchange contracts and I don't want to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a bank 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.
My aunt passed away 10 months ago and as sole heir and executor I was left the house in St Brides Major. The house had a small mortgage remaining of approximately £8000. I want to have the title changed into my name whilst I re-mortgage to Bank of Ireland, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then Bank of Ireland will insist on your using a conveyancer on the Bank of Ireland conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Bank of Ireland conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Bank of Ireland mortgage is registered as a charge at the Land Registry.
Should my lawyer be making enquiries concerning flooding as part of the conveyancing in St Brides Major.
Flooding is a growing risk for lawyers carrying out conveyancing in St Brides Major. There are those who purchase a house in St Brides Major, completely expectant that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Conveyancers are not best placed to offer advice on flood risk, however there are a numerous checks that can be carried out by the purchaser or by their solicitors which can figure out the risks in St Brides Major. The conventional set of information supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to determine whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the owner, then a buyer may commence a claim for damages as a result of such an incorrect response. A purchaser’s solicitors will also commission an environmental search. This will indicate whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.
Are there restrictive covenants that are commonly identified during conveyancing in St Brides Major?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in St Brides Major. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am purchasing my first flat in St Brides Major benefiting from help to buy. The builders would not move on the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not reveal to my solicitor about this side-deal as it will put at risk 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.