I am purchasing a brand new flat in Finsbury Park and my lawyer is informing me that she is duty bound to the lender to reveal incentives from the developer. I am on a tight deadline to exchange and I don't want to delay matters. Is my lawyer right?
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 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.
Why is leasehold purchase conveyancing in Finsbury Park costs more?
The conveyancing fees on a leasehold property in Finsbury Park is often more expensive as compared to a freehold transaction. This is because there is an amount of additional work necessary in dealing with the landlord and management company to obtain information concerning whether the rent and service charges have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the building.
My lawyer in Finsbury Park has never been on on the Chelsea Building Society Conveyancing Panel. Is it possible for me to use my prefered solicitor notwithstanding that they are excluded from the Chelsea Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your existing Finsbury Park solicitors but Chelsea Building Society will need to instruct a conveyancer on their panel. This will result in additional overall conveyancing charges as well as cause delays.
- Choose an alternative practitioner to to deal with the purchase, not forgetting to check they are on the Chelsea Building Society panel
Are there restrictive covenants that are commonly picked up during conveyancing in Finsbury Park?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Finsbury Park. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Am I best advised to choose a Finsbury Park conveyancing solicitor based in the area that I am purchasing? We have a good friend who can deal with the conveyancing but they are based 300kilometers away.
The primary upside of using a high street Finsbury Park conveyancing practice is that you can attend the office to execute paperwork, deliver your ID and pester them if necessary. Having local Finsbury Park know how is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If you know people who instructed your friend and they were content that should trump using an unfamiliar Finsbury Park conveyancing lawyer solely due to them being Finsbury Park based.
What is the reason for my conveyancing practitioner requiring a list of items of ID ahead of starting selling or purchasing a property in Finsbury Park?
Finsbury Park solicitors are duty bound by the Law Society, SRA, HMLR and current Money Laundering legislation to record that the have checked the identity of their clients. It will also be a condition of your mortgage offer. In addition they have to complete various forms, particularly those relating to stamp duty land tax and need to have details such as your full names, national insurance number and date of birth.