My wife and I are acquiring a brand new flat in Bardsley and my lawyer is informing me that she is duty bound to the bank to disclose incentives from the seller. I am nearing the developer’s deadline to exchange and I don't want to delay the conveyancing. Is my lawyer right?

You should not exchange unless you have been advised to do so by your . 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.

Can you clarify what the consequences are if my lawyer’s firm is suspended from the Conveyancing panel ahead of completing my conveyancing in Bardsley?

The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

Will my lawyer be making enquiries concerning flooding as part of the conveyancing in Bardsley.

Flooding is a growing risk for conveyancers conducting conveyancing in Bardsley. There are those who buy a house in Bardsley, completely aware 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 obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Solicitors are not qualified to offer advice on flood risk, however there are a various searches that can be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Bardsley. The conventional set of information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a usual inquiry of the owner to determine whether the property has ever been flooded. In the event that flooding has previously occurred and is not disclosed by the vendor, then a buyer may commence a legal claim for losses resulting from an misleading answer. A buyer’s solicitors may also order an environmental report. This should disclose if there is any known flood risk. If so, additional inquiries will need to be initiated.

I am purchasing my first flat in Bardsley with a loan from . The developers refused to move on the amount so I negotiated 6k of additionals instead. The house builders rep advised me not reveal to my solicitor about the extras as it may affect my mortgage with the lender. Should I keep quiet?.

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 am in the process of buying my first property in Bardsley. Conveyancing solicitor has been appointed. The broker pointed out that a survey is not necessary as the house was only constructed in 2001.

At the very least you should have a Home Buyer's Report. Given the premises was built over a decade ago the property will not come with a warranty, so you don't want to take a risk. For a property that age with no signs of defects a Home Buyer's report may be enough. The report should highlight any apparent issues and suggest further investigation where relevant. Where there are any signs of problems get a comprehensive Building Survey from the beginning.