I am buying a new build house in Totterdown with a mortgage from Lloyds TSB Bank. The developers refused to move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not inform my conveyancer about this extras as it could adversely affect my loan with Lloyds TSB Bank. 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.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what should have been a quick, no chain conveyancing. Totterdown is where the house is located. What do you suggest?
Flying freeholds in Totterdown are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Totterdown you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Totterdown may decide 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 property.
Do I need to be suspicious that third parties that I am dealing with are encouraging me to use a web based conveyancing firm as opposed to a High Street Totterdown conveyancing firm?
As with many professional services, often suggestions from relatives can be extremely useful or valuable. Nevertheless there are many players in a conveyancing matter; estate agents, financial adviser and lenders might all recommend lawyers to use. On occasion these solicitors might be known to one of the organisations as being good in their field, but occasionally there might be a financial incentive behind the endorsement. You are at liberty to choose your own lawyer. You need to be aware that the majority of mortgage providers specify a panel list of conveyancers you are obliged to use for the lender aspect of your home move.
My husband and I are novice buyers - agreed a price, yet the agent advised that the vendor will only move forward if we appoint the agent's recommended lawyers as they need a ‘quick sale’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Totterdown
We suspect that the owner is unaware of this request. Should the owner desire ‘a quick sale', turning down a genuine buyer is going to damage their objectives. Contact the owners directly and make sure they understand (a)you are keen to buy (b)you are excited to move forward, with finances in place © you have nothing to sell (d) you wish to move quickly (e)but you intend to use your preferred Totterdown conveyancing solicitors - rather thanthose that will give their estate agent a referral fee or hit his conveyancing thresholds set by HQ.
I am Googling for Totterdown conveyancing quotes online. Can I be confident that all the Totterdown firms that are identified on your website are on the lender conveyancing panel?
The law firms on our directory have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the lender panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Totterdown conveyancing solicitor being on the lender conveyancing panel is not accurate.