I am purchasing a brand new flat in Suffolk and my solicitor is advising me that she has to the bank to disclose incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I have no desire to delay the conveyancing. 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 mortgage company 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.
As someone unfamiliar with the Suffolk conveyancing process what’s your top tip you can impart concerning the ownership transfer in Suffolk
Not many law firms shout this from the rooftops but conveyancing in Suffolk and elsewhere in England and Wales is an adversarial process. Put another way, when it comes to conveyancing there exists lots of opportunity for confrontation between you and others involved in the house moving process. For instance, the vendor, property agent and even potentially a mortgage company. Appointing a law firm for your conveyancing in Suffolk is a critical decision as your conveyancer is your adviser, and is the ONLY person in the process whose role it is to act in your legal interests and to protect you.
Every so often a potential adversary will attempt to convince you that it is in your interests to do things their way. For instance, the estate agent may claim to be assisting by suggesting your solicitor is dragging his heels. Or your financial adviser may try to convince you to do something that is contrary to your conveyancers guidance. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
I am purchasing a garden flat in Suffolk. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?
Leaving aside the complexities and merits of DIY conveyancing in Suffolk you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Suffolk.
I am looking for a ground for flat up to £195,000 and found one close by in Suffolk I like with amenity areas and station nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Suffolk suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
Am I right to be concerned about third parties that I am dealing with are encouraging me to use an internet conveyancing firm rather than a local Suffolk conveyancing company?
As is the case with lots of service providers, often input from family and friends can be extremely useful or valuable. Nevertheless there are numerous parties with a keen interest in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to choose. On occasion the solicitors might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the recommendation. You have the discretion to choose your preferred conveyancer. Don't forget that most mortgage providers specify a panel list of law firms you have to use for the lender related work in your house move.
Do I cancel the direct debit for my mortgage with Kent Reliance as soon as a completion date for my home sale in Suffolk has been agreed?
No, you should keep meeting any mortgage sums to Kent Reliance pending the mortgage being discharged out of the proceeds of sale as part of your Suffolk conveyancing.