Find a Lender-Approved Local Conveyancer in Fareham

I am buying a new build apartment in Fareham and my solicitor is informing me that she has to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and my preference is not to prolong the conveyancing. Is my lawyer right?

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

I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Fareham. My lender is The Mortgage Works

The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 26/7/2024, the requirements read as follows :

I am buying a new build apartment in Fareham. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fareham

There must be mutual enforceability of lessee’s covenants. Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please confirm the Lease plans are surveyor prepared. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.

Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Fareham I like with open areas and transport links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Fareham for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?

Should you need a home loan that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.

Hoping to buy a property located in Fareham and I am already nervous. I couldn't find anything specific about Fareham. Conveyancing will be needed in due course but do you know about the Fareham area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Fareham. In the meantime here are some basic statistics that we found

We have just found out that one of the partners of the conveyancing practice handling the purchase conveyancing in Fareham is a relative of the vendor. Is this allowed?

Provided there is no conflict of interest this is allowable. Where you are requiring a mortgage then the lender may have a say as many lenders have specific instructions on this. For example for Yorkshire Building Society as of 26/7/2024, the requirements read as follows :