We are acquiring a newly built duplex in Thamesmead and my solicitor is telling me that she is duty bound to the lender to disclose incentives from the seller. The Estate Agents are hassling me to sign contracts and I have no desire to delay deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. 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.
Why do I have to pay up front for conveyancing in Thamesmead?
Where you are retaining lawyers for conveyancing in Thamesmead your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the conveyancing searches. If any down payment is as part of the total price then this will be required immediately ahead of exchange of contracts. Any further balance that is needed will be payable a couple of days prior to the completion date.
My grandfather passed away six months ago and as sole heir and executor I was left the house in Thamesmead. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this allowed?
Given you intend to re-mortgage then UBS will require that you use 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.
How does conveyancing in Thamesmead differ for newly converted properties?
Most buyers of new build or newly converted property in Thamesmead come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Thamesmead usually acquire the real estate, 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 Thamesmead or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a property in Thamesmead prior to appointing conveyancers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some lenders tend refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Thamesmead. Conveyancing will be smoother if you use a solicitor in Thamesmead especially if they are familiar with such properties in Thamesmead.
Hoping to buy a property located in Thamesmead and I am already nervous. I couldn't find anything specific about Thamesmead. Conveyancing will be needed in due course but do you know about the Thamesmead area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Thamesmead. In the meantime here are some basic statistics that we found