My partner and I are acquiring a new build flat in Westonzoyland and my solicitor is telling me that she has to the lender to reveal incentives from the builder. I am on a tight deadline to exchange contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property 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.
It has been three months following my purchase conveyancing in Westonzoyland concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Westonzoyland differ for new build properties?
Most buyers of new build property in Westonzoyland approach us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Westonzoyland typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Westonzoyland or who has acted in the same development.
I am looking into buying my first house which is in Westonzoyland and I am already nervous. I couldn't find anything specific about Westonzoyland. Conveyancing will be needed in due course but do you know about the Westonzoyland area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Westonzoyland. In the meantime here are some basic statistics that we found
We are about to complete on the purchase a property in Westonzoyland but as a consequence of wreckage from the recent storms I have agreed recompense from the owner of four thousand pounds in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process however my bank will not permit this. Should they have been informed?
The solicitor that is on the mortgage company approved list is duty bound to advise the lender of any variations to the purchase amount. In the event that you did not allow your conveyancing practitioner to report the price change to your lender then they would have to refrain from acting for you and the mortgage company.