I am buying a newly constructed apartment in Maidenhead and my conveyancer is advising me that she is duty bound to the mortgage company to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I would rather not prolong the conveyancing. 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 lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various online forums that I have visited warn that are the primary cause of delay in Maidenhead house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances during the legal transfer of property. Local searches are unlikely to be the root cause of delay in conveyancing in Maidenhead.
I purchased a 4 bedroom Edwardian house in Maidenhead. Conveyancing solicitor represented me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the matching property. 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Maidenhead and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who carried out the work.
How does conveyancing in Maidenhead differ for newly converted properties?
Most buyers of new build or newly converted property in Maidenhead come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is finished. This is because builders in Maidenhead usually purchase 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 used to new build conveyancing in Maidenhead or who has acted in the same development.
I opted to have a survey completed on a property in Maidenhead in advance of instructing solicitors. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some lenders may refuse to give a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. If you call us we can look into this further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Maidenhead. Conveyancing may be slightly more expensive based on your lender's requirements.
Jane (my partner) and I may need to sub-let our Maidenhead ground floor flat for a while due to a new job. We instructed a Maidenhead conveyancing practice in 2001 but they have closed and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?
Even though your last Maidenhead conveyancing lawyer is no longer available you can check your lease to check if you are permitted to let out the premises. The rule is that if the deeds are silent, subletting is allowed. Quite often there is a prerequisite that you need to seek permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior consent. The consent is not allowed to be unreasonably withheld. If the lease prohibits you from subletting the property you will need to ask your landlord for their consent.
Maidenhead Leasehold Conveyancing - Sample of Queries before Purchasing
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Who are the managing agents? For most Maidenhead leaseholds the cost for major works are not incorporated into the maintenance charges, albeit that a few managing agents in Maidenhead obliged leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major works.