We are purchasing a newly constructed duplex in Newbridge and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the builder. I am under pressure to exchange contracts and I would rather not delay the conveyancing. is my lawyer playing by the book?
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 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.
I had intended to instruct a property lawyer in Newbridge for our house purchase. Our broker has since notified us that our bank Clydesdale won't deal with them. Surely this is unfair competition?
Pre- 2008 most lenders had an appetite for risk which was higher than today. Almost all Newbridge conveyancing firms would have been on most mortgage company panels. The financial services regulator in 2010 completed a thematic investigation into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, lenders have regularly sought more information from law firms about their operations and the individuals who work for them and establishing certain criteria such a completing on a minimum number of transactions. Many Newbridge conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Newbridge is amongst the hundreds of areas where the conveyancers we recommend are members of the panel for Clydesdale.
I decided to have a survey completed on a house in Newbridge in advance of retaining lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may not give a mortgage on a flying freehold premises.
It varies from the lender to lender. Lloyds has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can investigate further with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newbridge. Conveyancing may be slightly more expensive based on your lender's requirements.
I was pointed in your direction by a number of selling agents in Newbridge to locate a solicitor on your site. Is there a financial advantage for Estate Agents to offer your lawyers ahead of a competitor’s?
We refuse to give any financial incentive for directing people to this site. We found it would be just too difficult to pay a commission because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Can you provide any top tips for leasehold conveyancing in Newbridge with the purpose of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Newbridge can be avoided if you get in touch lawyers the minute your agents start marketing the property and request that they start to put together the leasehold information which will be required by the purchasers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Newbridge leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such works. If you dont have the consents in place do not communicate with the landlord without checking with your conveyancer first. If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being marketed. The buyers and their solicitors will be reluctant to purchase a property where there is a current dispute. You may have to bite the bullet and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic as opposed to unsettled. The majority of freeholders or Management Companies in Newbridge charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information sought on or before finding a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Newbridge.
Newbridge Leasehold Conveyancing - Examples of Queries before buying
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How many years remain on the lease? It is important to be aware whether redecorating or some other major work is due shortly to be shared by the leasehold owners and will dramatically impact the level of the maintenance costs or require a specific invoice. Who are the managing agents?
Builders have suggested I use a solicitor and I've received an estimate from them. They are almost £250 less expensive than my family Newbridge conveyancer. Should I use them?
Builders normally have lists of conveyancing practitioners who expedite matters and who know the seller’s paperwork and solicitor. Plenty of developers offer an inducement to select their approved solicitor for this reason, any increased fees can be avoided and a developer won't suggest a conveyancing warehouse and run the risk of having the transaction delayed when they require an exchange in 28 days. A counter-argument for not opting for the suggested lawyer is that they may be reluctant to 'push' your interests at the risk of alienating the sellers. Where you have concerns that this may be the situation you should remain with your high street Newbridge solicitor.