My husband and I are acquiring a new build duplex in Penn and my conveyancer is telling me that she is duty bound to the lender to disclose incentives from the builder. I am nearing the developer’s deadline to exchange and my preference is not to delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Penn, First timers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I am downsizing from our property in Penn and the buyers lawyers are claiming that there is a possibility that the property was built on contaminated land. Any high street Penn lawyer would know that there is no such problem. It does beg the question why the purchasers used an internet conveyancing practice rather than a conveyancing solicitor in Penn. Having lived in Penn for six years we know of no issue. Should we get in touch with our local Authority to obtain confirmation need.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am buying a new build apartment in Penn. 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 conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Penn
-
Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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.
Due to the guidance of my in-laws I had a survey completed on a property in Penn in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some banks tend refuse to grant a loan on such a home.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you contact us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Penn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penn to see if the conveyancing costs will increase in light of this.
Why do Penn conveyancing fees are higher for leasehold and freehold properties?
Inevitably there is more work necessary for leasehold conveyancing. Penn has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.