My partner and I are purchasing a newly built apartment in Anerley and my solicitor is advising me that she has to the mortgage company to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and I would rather not delay deal. is my lawyer playing by the book?
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 provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Please explain the implications if my solicitor is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Anerley?
First, this is very unlikely to happen. 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.
I have a 4 bedroom Edwardian house in Anerley. Conveyancing practitioner acted for me and Norwich and Peterborough Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Anerley and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with the conveyancing practitioner who completed the work.
How does conveyancing in Anerley differ for new build properties?
Most buyers of new build residence in Anerley contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because house builders in Anerley tend to buy the real estate, 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 conveyancers 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 Anerley or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Anerley is where the house is located. Can you shed any light on this issue?
Flying freeholds in Anerley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Anerley you must be sure that your lawyer goes 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 Anerley may ascertain 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.
We are 3 weeks into a freehold purchase having been directed to solicitors by the local agent to handle our conveyancing in Anerley. I am am extremely disappointed with the quality of service. Can you help me find new lawyers?
They would have to be very poor in order to consider changing them. Has your mortgage offer been sent? If so you must inform them of the new conveyancer and get the mortgage documents are re-issued. Your new conveyancer needs to be on the banks approved list to avoid supplemental charges and delays. That should be your first question of the new solicitors. Our find a solicitor tool should assist you in finding a lender approved lawyer for your home move in Anerley