My wife and I are due to exchange on the purchase of a property in Brecon but as a result of damage from some water damage at the property I have was able negotiate reparation from the seller in the sum of £3k in the form of a reduction in the price. I had intended this to be addressed as part of a side agreement but Co-operative are not allowing this. Should they have been involved?
Your solicitor that is on a Co-operative approved list is required to inform Co-operative of any amendments to the purchase price. If you were to refuse your lawyer to report the reduction to Co-operative then they would have to discontinue acting for you. In addition, Co-operative and you would have to appoint a new property lawyer for your conveyancing in Brecon.
Various internet forums that I have frequented warn that are the main reason for hinderance in Brecon conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are not likely to feature in any delay in conveyancing in Brecon.
Are there restrictive covenants that are commonly identified as part of conveyancing in Brecon?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Brecon. 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 a new build house in Brecon benefiting from help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The sale representative told me not disclose to my lawyer about this extras as it could put at risk my loan with Godiva Mortgages Ltd. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Brecon before appointing conveyancers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some banks will refuse to give a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Nationwide. If you e-mail us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Brecon. Conveyancing will be smoother if you use a solicitor in Brecon especially if they regularly deal with such properties in Brecon.