We are purchasing a brand new flat in Winterbourne and my conveyancer is telling me that she has to the lender to reveal incentives from the seller. I am under pressure to exchange contracts and I have no desire to prolong the conveyancing. is my lawyer playing by the book?
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 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.
Are the Winterbourne conveyancing solicitors identified as being on the Kent Reliance conveyancing panel, together with their details provided by Kent Reliance?
Winterbourne conveyancing firms themselves provide us confirmation that they are on the Kent Reliance conveyancing panel as opposed to being supplied with a list from Kent Reliance directly.
In reviewing online forums for a recommended solicitor in Winterbourne, many advise that I should instruct a CQS accredited solicitor. What is CQS?
Winterbourne Conveyancing Quality Scheme practices have been granted accreditation by the law Society The Law Society established CQS to establish evidence of quality standards in the in the legal transfer of properties. CQS enables buyers and sellers to identify practices who provide a quality residential conveyancing. Winterbourne is one of locations in England and Wales in which CQS have a presence. The scheme obliges practices to undergo a strict assessment, compulsory training, self-reporting, spot checks and annual reviews in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Legal Ombudsman.
How does conveyancing in Winterbourne differ for newly converted properties?
Most buyers of new build premises in Winterbourne come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Winterbourne typically 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 conveyancers 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 Winterbourne or who has acted in the same development.
I opted to have a survey carried out on a house in Winterbourne before retaining conveyancers. I have been told that there is a flying freehold element to the house. The surveyor advised that some lenders will refuse to issue a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different instructions for example to Halifax. Should you wish to telephone us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Winterbourne. Conveyancing will be smoother if you use a solicitor in Winterbourne especially if they regularly deal with such properties in Winterbourne.
I am hoping to complete next month on a leasehold property in Winterbourne. Conveyancing solicitors assured me that they are sending me a report tomorrow. What should I be looking out for?
The report on title for your leasehold conveyancing in Winterbourne should include some of the following:
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You should have a good understanding of the insurance provisions Advice concerning the obligations in the lease to pay service charges - in relation to the building, and the wider rights a tenant enjoys specifics of the parties to the lease, for instance these could be the (you), superior lessor, freeholder You should receive a copy of the lease Whether the lease restricts you from renting out the flat, or having a home office for business
I own a studio flat in Winterbourne, conveyancing was carried out 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Winterbourne with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease expires on 21st October 2079
You have 55 years unexpired we estimate the premium for your lease extension to range between £31,400 and £36,200 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.