My wife and I are purchasing a newly constructed duplex in Shepshed and my solicitor is telling me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and my preference is not to prolong matters. Is my lawyer right?
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 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.
I am about to put a bid on a leasehold property in Shepshed. The selling agents tell me that it is standard for flats in Shepshed to have less than 75 years unexpired on the lease. I am expecting a mortgage with Virgin. Will the property be mortgageable given that the lease has 72 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 26/7/2024 the requirements read as follows :
I need some expedited conveyancing in Shepshed as I am faced with a deadline to exchange contracts inside 4 weeks. A mortgage is not required. Is it possible to avoid the conveyancing searches to save money and time?
If.Given you are not getting a home loan you have the choice not to have searches carried out although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Shepshed the following are examples of what can show up and adversely impact future saleability: Refused Planning Applications, Overdue Fees, Overdue Grants, Unadopted Roads,...
I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Shepshed is the location of the property. Is there any advice you can give?
Flying freeholds in Shepshed are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Shepshed you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Shepshed may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking for a conveyancing practitioner in Shepshed for my home move. Is it possible to check a solicitor's complaints history with the legal regulator?
Members of the public may review published Solicitor Regulator Association (SRA) determinations arising from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find records Pre 2008, or to check a solicitors record, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
My lawyers in Shepshed have advised me that no longer have my conveyancing file. At the time of my purchase I took out a mortgage with the mortgage company. Is it case that being on the mortgage company conveyancing panel they need to have retained the file for a number of years?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the bank Conveyancing Panel Terms. It might be worth you contacting the lender directly.