My husband and I are acquiring a newly built apartment in Surrey Quays and my lawyer is informing me that she is duty bound to the lender to disclose incentives from the developer. I am on a tight deadline to exchange and I would rather not prolong matters. 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 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.
We are planning to acquire a property and need a conveyancing solicitor in Surrey Quays who is on the Leeds Building Society conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Leeds Building Society . We don't recommend any particular firms conducting conveyancing in Surrey Quays.
Does a directory service exist listing Coventry BS panel conveyancers in Surrey Quays on the UK Finance Lenders’ Handbook Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. A small selection of lending institutions make their panel listings viewable over the internet. If you are seeking to appoint a Surrey Quays solicitor on the Coventry BS please make the most of our facility.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Surrey Quays bank branch on a couple of occasions and was reassured it wasn't a problem and they will lend. My Surrey Quays conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their published requirements. I simply don't know who is right.
Provided that the property lawyer is on the lender approved list, they must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
RBS have agreed my home loan in principle, my bid on a flat in Surrey Quays has been accepted, what happens next?
The property agent will want to know who your solicitors are (be sure the lawyers are on the bank’s approved list). Call up RBS or your financial adviser and finalise any appropriate documentation. RBS will sellect a valuer who will get in touch with the estate agent or vendor to schedule a slot for the valuation to happen. Once carried out (assuming no problems) it takes about ten days for the mortgage offer to be issued. RBS will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Surrey Quays.
Despite weeks of looking the Title Certificate and documents to my property are lost. The lawyers who handled the conveyancing in Surrey Quays 4 years ago are no longer around. What are my options?
You no longer need to have the physical official documentation to establish that you are the registered proprietor of land or premises, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Surrey Quays differ for newly converted properties?
Most buyers of new build or newly converted property in Surrey Quays contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Surrey Quays tend to buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Surrey Quays or who has acted in the same development.
I am looking for a flat up to £305k and found one close by in Surrey Quays I like with open areas and transport links in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Surrey Quays for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.