My husband and I are buying a newly constructed flat in Whiston and my lawyer is informing me that she is duty bound to the mortgage company to disclose incentives from the seller. I am under pressure to exchange contracts and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
3 months have gone by following my purchase conveyancing in Whiston completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Whiston differ for new build properties?
Most buyers of new build residence in Whiston come to us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because house builders in Whiston tend to purchase 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 accustomed to new build conveyancing in Whiston or who has acted in the same development.
I opted to have a survey completed on a house in Whiston before instructing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some lenders may refuse to give a mortgage on this type of home.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Halifax. If you call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Whiston. Conveyancing may be slightly more expensive based on your lender's requirements.
I am looking into buying my first house which is in Whiston and I am already nervous. I couldn't find anything specific about Whiston. Conveyancing will be needed in due course but do you know about the Whiston area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Whiston. In the meantime here are some basic statistics that we found
I've recently bought a leasehold house in Whiston. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Whiston Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing
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Please note if it is less than 80 years it will impact the marketability of the apartment. Check with your lender that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of how much this will be. For most Whistonlease extensions you would need to own the premises for a couple of years before you are eligible to exercise a lease extension. This question is useful as a) areas could result in problems for the block as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have a dispute with the managing agents you will want to have full disclosure How much is the ground rent and service charge?