My partner and I are buying a newly built apartment in Colindale and my conveyancer is advising me that she has to the lender to disclose incentives from the builder. The Estate Agents are hassling me to exchange contracts and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. 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.
I had intended to instruct a conveyancing solicitor in Colindale for our house move. Our broker has since advised us that our mortgage lenders The Royal Bank of Scotland won't deal with them. Surely this is unduly restrictive?
A decade ago most banks had an appetite for risk which was higher than today. Almost all Colindale conveyancing firms would have been on many lender panels. The FSA in 2010 conducted a thematic investigation into mortgage fraud which come to the conclusion: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms relating to their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Colindale conveyancing firms that have been excluded from lender panels have a 100% healthy track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Colindale is one of the many locations where the solicitors we recommend are members of the panel for The Royal Bank of Scotland.
I have todaybeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Colindale for a purchase of a leasehold flat 9 months ago. How can I check that the property is not still registered in the name of the former proprietor?
The easiest method to check if the premises is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Colindale conveyancing specialists.
How does conveyancing in Colindale differ for new build properties?
Most buyers of new build property in Colindale contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is finished. This is because new home sellers in Colindale tend to acquire 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 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 Colindale or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one near me in Colindale I like with a park and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Colindale for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I need to retain a conveyancing solicitor for leasehold conveyancing in Colindale. I happened to chance upon a web site which seems to have the perfect offering If it is possible to get all this stuff completed via web that would be ideal. Do I need to be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?