My husband and I are acquiring a brand new flat in Wolverton and my lawyer is advising me that she is duty bound to the bank to disclose incentives from the developer. I am under pressure to sign contracts and my preference is not to delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender 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.
Do the Building Society Association intend to launch a search tool with a view to to identify firms on the Loughborough BS conveyancing panel for instance in Wolverton?
Lexsure has not been advised of any intention on the part of the BSA to promote such a register.
I am buying a new build flat in Wolverton. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Wolverton
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. There must be mutual enforceability of lessee’s covenants. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I decided to have a survey done on a property in Wolverton prior to retaining conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not give a loan on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Wolverton. Conveyancing may be slightly more expensive based on your lender's requirements.
How difficult is it to switch firm as I need to choose one who is on the Norwich and Peterborough Building Society conveyancing list. I hired a high street conveyancing solicitor in Wolverton five minutes from me but the firm is not accepted by Norwich and Peterborough Building Society
We will our best to assist in finding you a conveyancing solicitor in Wolverton on the Norwich and Peterborough Building Society panel. Please note that the property lawyers that we work with do not pay us fee if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Wolverton. In making use of the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Wolverton.
I've recently bought a leasehold flat in Wolverton. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure 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).
Leasehold Conveyancing in Wolverton - Sample of Questions you should ask before buying
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Are there any major works in the planning that will add a premium to the maintenance fees? Does the lease have onerous restrictions? What is the name of the managing agents?