We are buying a new build duplex in Poundbury and my solicitor is informing me that she is duty bound to the mortgage company to reveal incentives from the developer. I am nearing the developer’s deadline to exchange and I don't want to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your solicitor. 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.
As a FTB what is the most important advice you can impart concerning purchase conveyancing in Poundbury?
Not many law firms shout this from the rooftops but conveyancing in Poundbury or throughout England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there is lots of room for friction between you and others involved in the transaction. For instance, the seller, property agent and sometimes a bank. Selecting a lawyer for your conveyancing in Poundbury is a critical decision as your conveyancer is your adviser, and is the ONLY party in the legal process whose interest is to act in your best interests and to keep you safe.
We are witnessing a distinct ongoing adversarial element to conveyancing- someone must be blamed for the process taking so long. You your first instinct should be to trust your solicitor above the other players when it comes to the legal assignment of property.
I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Poundbury with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?
In theory, you could use a solicitor that is not on the Clydesdale conveyancing panel, but Clydesdale would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Due to the guidance of my in-laws I had a survey completed on a property in Poundbury prior to instructing lawyers. I have been informed that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend refuse to issue a loan on a flying freehold property.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Poundbury. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are 3 weeks into a residential purchase having been referred to a firm by the high street agent to execute conveyancing in Poundbury. We are not happy. Can you you assist me in finding new lawyers?
A solicitor would need to be very poor in order to consider diss instructing them. Has your mortgage offer been generated? If so you need to inform them of the new conveyancer and have the loan are issued to the new lawyers. Your solicitor ideally needs to be on the banks panel to avoid added charges and frustration. So that should be your first question of the new lawyers. Our find a solicitor tool can assist you in finding a bank approved solicitor for your conveyancing in Poundbury
Having checked my lease I have discovered that there are only Fifty years left on my lease in Poundbury. I now want to extend my lease but my freeholder is can not be found. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have used your best endeavours to locate the landlord. For most situations a specialist may be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s disappearance and the vesting order request to the County Court overseeing Poundbury.
Leasehold Conveyancing in Poundbury - A selection of Questions you should consider Prior to Purchasing
-
What is the service charge and ground rent on the property? Best to be warned if changing the roof or some other major work is anticipated to be shared amongst the tenants and will dramatically impact the level of the service fees or necessitate a specific invoice.