My partner and I are buying a brand new apartment in Buckden and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the seller. I am under pressure to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your solicitor. A precondition to being on a mortgage company 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 is 10 years ago since I acquired my property in Buckden. Conveyancing lawyers have recently been retained on the sale but I can't find my title documents. Is this a problem?
Don’t worry too much. First the deeds may be with the mortgage company or they could still be with the conveyancers who oversaw your purchase. Secondly in all probability the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Almost all conveyancing in Buckden relates to registered property but in the unlikely event that your home is unregistered it is more tricky but is resolvable.
How does conveyancing in Buckden differ for new build properties?
Most buyers of new build or newly converted property in Buckden approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Buckden typically acquire 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 conveyancing solicitors 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 Buckden or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one near me in Buckden I like with a park and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Buckden for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this.
I am using a search engine for the term conveyancing in Buckden it shows results of many solicitorsin the area. How do I determine which is the suitable solicitor for my move?
The best way of finding a suitable conveyancer is through a trusted testimonial, so seek the guidance of colleagues and those you trust who have bought a property in Buckden or the respected estate agent or financial adviser. Charges for conveyancing in Buckden differ, so it's advisable to secure a minimum of four estimates from different conveyancers. Be sure to seek confirmation what costs in the quote includes.
My wife and I have agreed a price on a Buckden bungalow left to us 5 years ago in 2011. I have over 12 years conveyancing know-how and, although retired, wish to conduct my own conveyancing. The purchaser's property lawyer has informed me that their Lenders will not allow you to do your own conveyancing mandating that the funds to be sent to a solicitor's bank account.
Lending instructions to property lawyers from all mainstream lenders state that If the seller is not legally represented the borrower's lawyers should check whether the mortgage company needs to be told so that a decision can be made if they are prepared to proceed.