We are buying a newly constructed apartment in North Cave and my solicitor is telling me that she has to the bank to reveal incentives from the developer. The Estate Agents are hassling me to sign contracts and my preference is not to prolong deal. 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.
Why do I have to pay up front for conveyancing in North Cave?
If you are buying a property in North Cave your solicitor will request that you place them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the total price then this will be asked for immediately in advance of contracts are exchanged. The final balance that is due should be transferred a couple of days prior to the completion date.
It has been 4 months since my purchase conveyancing in North Cave took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in North Cave differ for newly converted properties?
Most buyers of new build property in North Cave contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is finished. This is because new home sellers in North Cave usually purchase the land, 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 North Cave or who has acted in the same development.
In what way can the Landlord & Tenant Act 1954 affect my business offices in North Cave and how can you help?
The 1954 Act gives security of tenure to commercial lessees, granting the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. North Cave is one of the many locations in which our lawyers have offices
My brother has suggested that I use his conveyancers in North Cave. Do I take his advice?
Much as we are happy to recommend a North Cave conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to get referrals from friends or family who have previously instructed the solicitor that you are contemplating using.