My wife and I are purchasing a brand new duplex in Wisbech and my solicitor is informing me that she is duty bound to the lender to reveal incentives from the seller. The Estate Agents are hassling me to exchange and I would rather not 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 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.
How does conveyancing in Wisbech differ for new build properties?
Most buyers of new build property in Wisbech contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because developers in Wisbech tend to buy the land, 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 conveyancing solicitors 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 Wisbech or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one near me in Wisbech I like with a park and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Wisbech for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
My brother has suggested that I appoint his conveyancers in Wisbech. Should I find my own property lawyer?
Much as we are happy to recommend a Wisbech conveyancing lawyer the ideal way to choose a conveyancing lawyer is to get feedback from friends or relatives who have used the solicitor that you are contemplating using.
I have just appointed agents to market my basement apartment in Wisbech. Conveyancing lawyers have not yet been instructed, however I have recently had a half-yearly service charge demand – what should I do?
The sensible thing to do is pay the service charge as usual given that all rents and service charges should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
Wisbech Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing
-
You should be aware that where the lease has less than 80 years it will have adverse implications on the marketability of the property. Check with your bank that they are content 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 what this will be. Remember, in most cases you would need to own the premises for two years in order to be legally able to extend the lease. Is anyone aware of any major works anticipated that will likely increase the service charges? Best to be warned whether a new roof is being put on or some other significant cost is pending to be shared by the tenants and will dramatically impact the level of the maintenance fees or necessitate a one time invoice.
One month into purchasing a residence in Wisbech. Conveyancing lawyer has called to say the title is "Leasehold". Will this likely impact our lender’s valuation?
Wisbech conveyancing does not normally involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a nominal rent, it's virtually freehold, so it’s unlikely to affect the saleability too much.
At the other extreme, if it's, say, fifty five years it will have a material effect on the saleability, and most likely wouldn't be acceptable to the bank. The remaining lease term and ground rent will be set out in the lease which should be made available to your conveyancer.