I am purchasing a new build apartment in Penrith and my solicitor is informing me that she is duty bound to the bank to disclose incentives from the developer. The Estate Agents are hassling me to exchange and my preference is not to delay deal. 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 mortgage company 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.
What is the first thing I need to know about purchase conveyancing in Penrith?
Not many law firms shout this from the rooftops but conveyancing in Penrith or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of opportunity for friction between you and other parties involved in the transaction. For example, the vendor, selling agent and on occasion your bank. Appointing a law firm for your conveyancing in Penrith an important selection as your conveyancer is your adviser, and is the SOLE person in the legal process whose responsibility is to look after your legal interests and to protect you.
We are witnessing a distinct increase in the "blame" culture- someone must be at fault for the process being so protracted. You must always trust your conveyancer above the other players in the conveyancing process.
My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Penrith. The house had a small mortgage left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
Where you intend to re-mortgage then UBS will insist on your using a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
Are there restrictive covenants that are commonly identified during conveyancing in Penrith?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Penrith. 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…’
I am looking for a leasehold apartment up to £195,000 and identified one near me in Penrith I like with open areas and railway links in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Penrith in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will likely be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for at least 2 years you may ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
When it comes to my conveyancing in Penrith should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Penrith conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.